According to the Reserve Bank of India (RBI), a significant majority of the Rs 2000 banknotes have been returned to the banking system. As of March 31, 2025, only Rs 6,366 crore worth of these notes remain with the public. This represents a decline from the initial circulation of Rs 3.56 lakh crore on May 19, 2023.
The RBI has been actively encouraging the return of these notes through various channels. Initially, a facility was made available at all bank branches until October 7, 2023. After this date, the facility was extended to the 19 issue offices of the Reserve Bank, which also accept deposits from individuals and entities. Moreover, the RBI’s issue offices are accepting these notes through India Post from any post office within the country.
Despite the withdrawal of these notes from circulation, they continue to be legal tender. This means that they can still be used as a form of payment. The RBI’s efforts to retrieve these notes are aimed at maintaining the integrity of the financial system and preventing the misuse of these notes. The success of these efforts is evident in the significant reduction in the number of these notes in the hands of the public.
Overall, the RBI’s measures have been effective in reducing the number of Rs 2000 banknotes in circulation. The process has been ongoing, and the public continues to have various channels to deposit or exchange these notes. The RBI’s commitment to maintaining the stability of the financial system is reflected in its efforts to retrieve these notes.