The Reserve Bank of India (RBI) has confirmed that more than 98 percent of the Rs 2000 denomination banknotes have been returned to the banking system, marking a near-complete withdrawal of the high-value currency. The update comes amid growing public curiosity about whether the Rs 2000 note is still valid and how it can be exchanged.
According to RBI data released on October 31, 2025, the total value of Rs 2000 notes in circulation has dropped sharply from Rs 3.56 lakh crore, recorded at the time of withdrawal announcement on May 19, 2023, to just Rs 5,817 crore. This means that approximately 98.37 percent of the pink banknotes have been deposited or exchanged through banks and RBI offices across the country.
The figures highlight the success of the central bank’s initiative to phase out the Rs 2000 notes while maintaining public convenience during the transition. The massive reduction shows that the note has almost vanished from daily use and cash transactions.
Despite the withdrawal, the Rs 2000 note remains legal tender, meaning it is still officially recognized as valid currency. The RBI clarified that there is no need for panic or concern about the notes losing their value.
The general public was initially allowed to exchange or deposit Rs 2000 notes at all bank branches until October 7, 2023. After that date, the exchange facility was restricted to the 19 RBI Issue Offices located across major cities in India.
Currently, people holding Rs 2000 notes have two options for exchange or deposit:
RBI Issue Offices: You can visit any of the 19 RBI Issue Offices to either exchange your Rs 2000 notes or deposit them directly into your bank account.
India Post Mail Service: The RBI has also provided an option for individuals to send their Rs 2000 notes via India Post to any RBI Issue Office. Once verified, the equivalent value will be credited directly to the sender’s bank account.
The move to phase out the Rs 2000 note is part of the RBI’s broader strategy to streamline the currency system and encourage digital and smaller denomination transactions. With less than two percent of the notes still in circulation, the transition appears to be nearly complete.
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