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RBI Reports 98.21% Return of ₹2000 Banknotes, Confirms Continued Legal Tender Status

Updated: June 02, 2025 12:47

Image Source: Mint
The Reserve Bank of India (RBI) has provided an update on the withdrawal of ₹2000 denomination banknotes, revealing that 98.21% of the notes in circulation have been returned since the withdrawal announcement in May 2023. Despite the phase-out, the ₹2000 banknotes remain legal tender, and the RBI continues to facilitate deposits and exchanges at its 19 Issue Offices across India.
 
Key Highlights
  • Withdrawal Timeline & Status: The withdrawal was announced on May 19, 2023, with deposit and exchange facilities available at all bank branches until October 7, 2023. Since October 9, 2023, individuals can send ₹2000 notes via India Post to RBI Issue Offices for deposit.
  • Decline in Circulation: The total value of ₹2000 banknotes in circulation has dropped from ₹3.56 lakh crore in May 2023 to ₹6,366 crore as of March 31, 2025.
  • Counterfeit Detection Trends: The RBI reported a 37.3% surge in counterfeit ₹500 notes, with 1.18 lakh fake notes detected in FY25. In contrast, counterfeit ₹2000 notes declined by 86.52%, reflecting the withdrawal’s impact.
  • Legal Tender Status: Despite the withdrawal, the ₹2000 banknotes remain valid for transactions, though their circulation is minimal.
  • Currency Circulation & Digital Payments Growth: The value and volume of banknotes in circulation increased by 6% and 5.6%, respectively, in FY25.
The e-rupee pilot expanded to 17 banks, with digital payments growing 17.9% in value.
 
The RBI’s latest update confirms that the withdrawal process is nearly complete, with ₹2000 notes gradually phasing out while remaining legal tender.
 
Source: Indian Express, RBI Press Release, and Economic Times BFSI.

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