Daijiworld Media Network - Mumbai

Mumbai, May 2: The Reserve Bank of India has announced that 98.47% of Rs 2,000 denomination banknotes have been returned to the banking system, nearly three years after the currency was withdrawn from circulation.

The RBI had first declared the withdrawal of Rs 2,000 notes on May 19, 2023, as part of its currency management strategy. At that time, notes worth Rs 3.56 lakh crore were in circulation.

According to the latest update, the value of outstanding Rs 2,000 notes has now fallen sharply to Rs 5,451 crore as of April 30, 2026, reflecting the near-completion of the return process.

Officials stated that since the withdrawal announcement, 98.47% of the total value of these high-denomination notes has been successfully brought back into the system.

To facilitate the process, the RBI has been accepting exchanges at its 19 issue offices across the country. Since October 9, 2023, these offices have also allowed deposits directly into bank accounts.

In addition, members of the public have been permitted to send Rs 2,000 notes via India Post from any post office in India to RBI issue offices for credit into their accounts.

Despite the large-scale return of notes, the central bank reiterated that Rs 2,000 banknotes remain legal tender, meaning they are still valid for transactions even though their circulation has been largely phased out.