Overview

• RBI’s May 19, 2023 withdrawal cut Rs2000 note circulation from Rs3.56 lakh crore to Rs6,181 crore by May 31, 2025.
• The central bank reports that 98.26% of these high-denomination bills have been returned since the withdrawal announcement.
• Exchange and deposit services at all bank branches ended on October 7, 2023, shifting operations to RBI issue offices.
• Since October 9, 2023, individuals and entities can deposit notes at 19 RBI issue offices or mail them via India Post for credit to their bank accounts.
• Introduced in November 2016 to meet post-demonetization cash demand, Rs2000 notes remain legal tender under the RBI’s Clean Note Policy after printing ceased in 2018-19.