More than ₹6100 crore worth of ₹2000 currency notes still in circulation: Here is how to exchange if you have any

The ₹2000 note is an interesting piece of currency. Despite India’s apex bank announcing the withdrawal of the ₹2000 denomination banknotes from circulation in May 2023, they continue to be legal tender—two years later. As of May 31, 2025, a total of ₹6,181 crore in these mega denominations were still in circulation, according to the Reserve Bank of India (RBI).

The ₹2000 denomination banknote was introduced in November 2016 under Section 24(1) of the Reserve Bank of India Act, 1934 (RBI Act). The primary objective was simple—meet the currency requirement of the economy after the unceremonious withdrawal of the legal tender status of all ₹500 and ₹1000 banknotes in circulation at that time.

Once that objective was met, the RBI assessed the availability of banknotes in other denominations in adequate quantities and ceased printing of ₹2000 banknotes in 2018-19.

Moreover, a “majority of the ₹2000 banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years. It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public,” the RBI stated two years ago.

In the latest circular, RBI states that 98.26 per cent of the ₹2000 banknotes in circulation as of May 19, 2023, have since been returned. For context, the value of ₹2000 banknotes in circulation amounted to was ₹3.56 lakh crore at the close of business on May 19, 2023. In contrast, only ₹6,181 crore worth of ₹2000 banknotes remain in circulation.

The facility to deposit or exchange ₹2000 banknotes was available at all bank branches until October 7, 2023. Now, these banknotes can be exchanged at the 19 RBI Issue Offices up to a limit of ₹20,000 at a time.

Individuals or entities “can also tender ₹2000 banknotes at the 19 RBI Issue Offices for credit to their bank accounts in India for any amount. Such exchange or credit shall be subject to relevant RBI / Government regulations, submission of valid identity documents and due diligence as deemed fit by RBI,” according to the central lender.

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