The Reserve Bank of India (RBI) announced the withdrawal of the ₹2000 denomination banknotes from circulation on May 19, 2023, though the notes retain their status as legal tender. The facility for depositing or exchanging these banknotes was initially available at all bank branches until October 7, 2023. Since May 19, 2023, and continuing past the bank branch deadline, the option for exchange has been available at the 19 RBI Issue Offices. Furthermore, since October 9, 2023, the RBI Issue Offices have been accepting the ₹2000 notes for deposit into individual or entity bank accounts. The public can also send the notes through India Post to any RBI Issue Office for credit to their accounts. As of September 30, 2025, the total value of ₹2000 banknotes in circulation has significantly dropped to ₹5,884 crore from ₹3.56 lakh crore on the day of the announcement. This represents a return of 98.35% of the banknotes that were in circulation on May 19, 2023.
RESERVE BANK OF INDIA
Withdrawal of ₹2000 Denomination Banknotes – Status
The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023The status of withdrawal of ₹2000 banknotes is periodically published by the RBI. The last press release in this regard was published on September 01, 2025.
2. The facility for deposit and / or exchange of the ₹2000 banknotes was available at all bank branches in the country upto October 07, 2023.
3. The facility for exchange of the ₹2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices)1 since May 19, 2023. From October 09, 2023, RBI Issue Offices are also accepting ₹2000 banknotes from individuals / entities for deposit into their bank accounts. Further, members of the public are sending ₹2000 banknotes through India Post from any post office within the country, to any of the RBI Issue Offices for credit to their bank accounts.
4. The total value of ₹2000 banknotes in circulation, which was ₹3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of ₹2000 banknotes was announced, has declined to ₹5,884 crore at the close of business on September 30, 2025. Thus, 98.35% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned.
5. The ₹2000 banknotes continue to be legal tender.
(Puneet Pancholy)
Chief General Manager
Press Release: 2025-2026/1226
