The Reserve Bank of India has released its latest update on the withdrawal status of ₹2000 denomination banknotes. The central bank confirmed that a significant portion of these banknotes has been returned since the withdrawal announcement on May 19, 2023.
The facility for deposit or exchange was initially offered at bank branches and later extended through RBI Issue Offices and India Post services. The ₹2000 banknotes, however, continue to remain legal tender.
The RBI announced the withdrawal of the ₹2000 denomination banknotes from circulation on May 19, 2023, via Press Release 2023-2024/257. The central bank has been publishing periodic updates on the status of returned notes.
According to the latest release, the value of ₹2000 banknotes in circulation has reduced from ₹3.56 lakh crore on May 19, 2023, to ₹5,609 crore on January 31, 2026. This reflects that 98.42% of the total value of such notes has been returned to the banking system.
The facility for members of the public to deposit or exchange ₹2000 banknotes at bank branches was available until October 07, 2023. This enabled individuals to gradually return the high-denomination currency.
From May 19, 2023, exchange services also became available at 19 RBI Issue Offices across the country. Additionally, from October 09, 2023, individuals and entities could submit ₹2000 banknotes to RBI Issue Offices for deposit into their bank accounts.
The RBI further expanded accessibility by allowing deposits through India Post. Members of the public could send ₹2000 banknotes from any post office to any RBI Issue Office for credit to their bank accounts.
This measure ensured that individuals in remote regions had a convenient channel for returning the banknotes. It also reduced the dependency on physical visits to RBI Issue Offices or bank branches. The process contributed to the steady decline in the circulation of ₹2000 banknotes.
The RBI reported that the value of ₹2000 banknotes in circulation now stands at ₹5,609 crore as of January 31, 2026. This represents a major reduction from the ₹3.56 lakh crore recorded on the day the withdrawal was announced.
The high return rate of 98.42% indicates substantial public compliance with the withdrawal process. Despite the withdrawal from circulation, the RBI clarified that the ₹2000 banknotes continue to remain legal tender.
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The RBI’s latest update reflects a significant return of ₹2000 banknotes, with only ₹5,609 crore remaining in circulation. The facilities offered at bank branches, RBI Issue Offices, and through India Post have supported the return process.
The high percentage of returned notes highlights wide public participation in the withdrawal exercise. The ₹2000 banknotes continue to be legal tender, as reaffirmed by the central bank.
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Published on: Feb 3, 2026, 12:58 PM IST
Akshay Shivalkar
Akshay Shivalkar is a financial content specialist who strategises and creates SEO-optimised content on the stock market, mutual funds, and other investment products. With experience in fintech and mutual funds, he simplifies complex financial concepts to help investors make informed decisions through his writing.
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