₹2000 Notes: Are They Still Valid and How Much Is Left in Circulation?

The Reserve Bank of India (RBI) announced the withdrawal of ₹2000 denomination banknotes from circulation through a press release dated May 19, 2023. Since then, the central bank has been periodically publishing updates on the status of the withdrawal process to keep the public informed. The latest update was issued on December 01, 2025, reflecting the steady progress made in withdrawing these high-value notes from active circulation.

Availability of Deposit and Exchange Facilities

Initially, the facility for depositing or exchanging ₹2000 banknotes was available at all bank branches across the country until October 07, 2023. This ensured that individuals and businesses had sufficient time and access to convert or deposit the notes without inconvenience.

Even after the closure of this facility at commercial banks, the RBI continued to provide exchange and deposit options through its own Issue Offices. Since May 19, 2023, the 19 RBI Issue Offices have been offering exchange facilities. From October 09, 2023, onwards, these offices have also been accepting ₹2000 banknotes for direct deposit into bank accounts.

Role of India Post in the Process

To further ease the process, the RBI enabled members of the public to send ₹2000 banknotes through India Post. Individuals can now dispatch these notes from any post office in the country to designated RBI Issue Offices, where the amount is credited directly to their bank accounts. This option has been particularly useful for people residing in areas without easy access to RBI Issue Offices.

Current Status of ₹2000 Banknotes in Circulation

At the time of the withdrawal announcement on May 19, 2023, the total value of ₹2000 banknotes in circulation stood at ₹3.56 lakh crore. As of the close of business on December 31, 2025, this figure has sharply declined to ₹5,669 crore. This means that ~98.41% of the ₹2000 banknotes that were in circulation at the time of the announcement have been returned to the banking system.

Legal Tender Status

Despite the withdrawal from circulation, the RBI has clarified that ₹2000 banknotes continue to remain legal tender. This means they are still valid for transactions, although their availability in everyday circulation has significantly reduced.

Also Read: Can You Sell Old Banknotes and Coins in India?

Conclusion

The withdrawal of ₹2000 denomination banknotes has progressed smoothly, with over 98% of the notes already returned to the system. With multiple deposit and exchange channels still available through RBI Issue Offices and India Post, the RBI has ensured a convenient and inclusive process while maintaining the legal tender status of the notes.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a private recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.