Withdrawal of ₹2000 Denomination Banknotes – Status

**Executive Summary** This document provides an update on the status of the withdrawal of ₹2000 denomination banknotes by the Reserve Bank of India (RBI). The facility for exchange and deposit at bank branches concluded on October 07, 2023. As of February 28, 2026, 98.44% of the ₹2000 banknotes have been returned, with ₹5,551 crore still in circulation. The ₹2000 banknotes remain legal tender. **Key Points / Main Content** * **Withdrawal Announcement and Previous Status:** * The Reserve Bank of India (RBI) announced the withdrawal of ₹2000 denomination banknotes via Press Release 2023-2024/257 on May 19, 2023. * The last press release concerning the status of this withdrawal was published on February 02, 2026. * **Deposit and Exchange Facilities:** * The facility for the deposit and/or exchange of ₹2000 banknotes was available at all bank branches nationwide until October 07, 2023. * The facility for exchanging ₹2000 banknotes has been available at the 19 RBI Issue Offices since May 19, 2023. * From October 09, 2023, RBI Issue Offices have also been accepting ₹2000 banknotes from individuals and entities for deposit into their bank accounts. * Members of the public can send ₹2000 banknotes through India Post from any post office to any RBI Issue Office for credit to their bank accounts. * **Circulation Status:** * As of May 19, 2023, the total value of ₹2000 banknotes in circulation was ₹3.56 lakh crore. * By February 28, 2026, this value had decreased to ₹5,551 crore. * This indicates that 98.44% of the ₹2000 banknotes in circulation on May 19, 2023, have been returned. * **Legal Tender Status:** * The ₹2000 banknotes continue to be legal tender. **Impact Analysis** **General Public** * **Impact:** Individuals and entities have had to exchange or deposit their ₹2000 banknotes. While the facility at bank branches has closed, exchange is still possible at RBI Issue Offices, and deposits can be made through India Post to RBI Issue Offices. * **Action Required:** Individuals and entities holding ₹2000 banknotes should utilize the available channels (RBI Issue Offices or India Post for deposit) to exchange or deposit them. **Banks** * **Impact:** Banks no longer accept ₹2000 banknotes for deposit or exchange, as the facility at their branches concluded on October 07, 2023. * **Action Required:** Banks have completed the process of accepting and exchanging ₹2000 banknotes at their branches. **Reserve Bank of India (RBI) Issue Offices** * **Impact:** RBI Issue Offices continue to facilitate the exchange and accept deposits of ₹2000 banknotes from the public. * **Action Required:** Continue to provide the exchange facility and accept deposits of ₹2000 banknotes from individuals and entities.

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