New Delhi: The Reserve Bank of India has said that 98.47 per cent of the ₹2,000 denomination banknotes in circulation have been returned nearly three years after the currency note was withdrawn from circulation.

The central bank had announced the withdrawal of ₹2,000 notes from circulation on May 19, 2023, as part of its currency management exercise. At the time of the announcement, the total value of ₹2,000 banknotes in circulation stood at ₹3.56 lakh crore.

Outstanding value drops sharply

According to the latest data released by the RBI, the value of ₹2,000 notes still in circulation has declined sharply to ₹5,451 crore as of April 30, 2026.

This means that ₹3.50 lakh crore worth of ₹2,000 notes have been returned to the banking system since the withdrawal announcement.

The figures indicate that nearly all the high-value banknotes that were in circulation at the time of the RBI’s announcement have either been deposited into bank accounts or exchanged through authorised channels.

Exchange facility continues

The RBI said the facility to exchange ₹2,000 banknotes remains available at its 19 issue offices across the country.

Since the withdrawal announcement, members of the public have been able to deposit the notes into their bank accounts or exchange them at designated RBI offices.

The central bank has continued to facilitate the return of the remaining notes in circulation to ensure a smooth transition and avoid inconvenience to the public.

₹2,000 notes remain legal tender

The RBI clarified that despite being withdrawn from circulation, ₹2,000 denomination banknotes continue to remain legal tender.

This means the notes have not been demonetised and still retain their validity under Indian law.

The withdrawal of ₹2,000 notes was undertaken as part of the RBI’s currency management strategy and was not a move to invalidate the denomination.

The ₹2,000 note was introduced in November 2016 following the demonetisation of ₹500 and ₹1,000 banknotes, primarily to meet the economy’s currency requirements.

Over the years, however, the RBI gradually reduced the printing of ₹2,000 notes and subsequently decided to withdraw them from circulation, citing currency management considerations.

With 98.47 per cent of the notes now returned, only a small fraction of the denomination remains in circulation, marking the near completion of one of the largest currency withdrawal exercises undertaken by the central bank in recent years.