The Reserve Bank of India (RBI) confirmed that 98.26% of ₹2000 banknotes were restored to the banking system. This follows the central bank’s announcement in 2023 to remove these high-denomination notes from circulation as part of a currency management operation.
Approximately ₹3.50 lakh crore has been returned from the ₹3.56 lakh crore value of ₹2000 notes that were previously in circulation. This figure underscores a strong public response to the RBI’s phased withdrawal plan. The RBI noted that people used various channels — including deposits and exchanges — to return the notes well ahead of the designated timelines.
Despite the high recovery rate, the RBI emphasized that the ₹2000 notes remain legal tender. This means that any remaining notes in circulation can still be used for transactions, although their usage has become increasingly rare in daily trade due to the widespread switch to lower denominations and digital payments.
The withdrawal of ₹2000 notes is in line with the RBI’s broader strategy to streamline currency usage and reduce the risks associated with hoarding high-value notes. The central bank reassured the public that adequate supplies of smaller denominations are available and that the process has not disrupted cash availability in the economy.
