Over 19 months since withdrawal, ₹2,000 currency notes worth ₹6,700 crore still unreturned, says RBI | Mint

More than one and a half years after the Reserve Bank of India (RBI) announced the withdrawal of ₹2,000 banknotes, 1.88 per cent of the currency notes have yet to be returned, according to the latest RBI data as of January 1, 2025.

The unreturned notes are worth ₹6,691 crore, reveals the data.

The RBI provided the facility for the deposit and exchange of ₹2,000 banknotes at all bank branches across India up to Oct 7, 2023.

The total value of ₹2000 banknotes in circulation stood at ₹3.56 lakh crore on May 19, 2023, when the withdrawal of ₹2000 banknotes was announced. It fell to ₹6,691 crore on Dec 31, 2024.

This means 98.12 per cent of the ₹2000 banknotes in circulation as of May 19, 2023, have been returned, reveals the RBI data.

Those who want to exchange their currency notes can still do so by visiting an RBI branch and filling out a form.

If you still have ₹2,000 currency notes, you need to make a note of the following points.

The ₹ 2,000-denomination banknotes were launched in November 2016 mainly to meet the currency requirement of the economy after the withdrawal of ₹ 500 and ₹ 1,000 banknotes.

The key aim for introducing the ₹ 2,000 banknotes was met after banknotes in other denominations were made available in sufficient supply. As a result, the printing of ₹ 2,000 banknotes was stopped in 2018-19.

Around 89 per cent of the ₹2000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life span of four to five years.

Want to exchange ₹2,000 notes? Follow these steps

I. Visit an RBI office to exchange currency notes.

II. If the total value of money that needs to be exchanged is more than ₹50,000, you need to show your PAN and submit a photocopy of it.

III. You will need to fill out a form where you will write your personal details, such as address, Aadhaar, mobile number, and the number of ₹2,000 currency notes that need to be exchanged.

IV. After filling out the form, submit it along with a photocopy of your Aadhaar. Both will be stamped before acceptance.

V. Once all the formalities are done, you are given money in exchange for the ₹2,000 notes that are given.