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Rs6,181 Crore of Rs2000 Notes Still in Circulation Two Years After RBI Withdrawal

Customers can deposit or exchange Rs2000 notes at 19 RBI issue offices as part of the Clean Note Policy.

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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.