RBI: 98.42% of Rs 2,000 Notes Returned, Withdrawal Nearing Completion

• The Reserve Bank of India announced that 98.42% of the Rs 2,000 denomination banknotes have been returned to the banking system.
• As of January 31, 2026, Rs 2,000 notes worth Rs 5,609 crore are still in circulation, a significant drop from Rs 3.56 lakh crore on May 19, 2023.
• The facility for deposit or exchange of these notes is available at all 19 RBI offices and through post offices for direct credit to bank accounts.
• There is no ceiling on the deposit amount, but existing KYC norms and cash deposit rules apply, including PAN for deposits of Rs 50,000 or more.
• RBI reiterated that Rs 2,000 notes remain legal tender but advised the public to deposit them soon to avoid inconvenience, as the withdrawal process is almost complete.