Indian 2000-rupee note

On 19 May 2023, the Reserve Bank of India (RBI) formally announced the withdrawal of the ₹2,000 denomination from active circulation. Although new notes of this denomination are no longer being issued and a large majority of those previously in circulation have since been returned, the ₹2,000 note continues to remain legal tender. The ₹2000 note is still legal tender as of August 2025.

History

It was released by the Reserve Bank of India (RBI) on 8 November 2016 after the demonetisation of ₹500 and ₹1000 banknotes and has been in circulation since 10 November 2016. It is a part of the Mahatma Gandhi New Series of banknotes with a completely new design.

This was the highest currency note printed by RBI that was in active circulation, ever since the 1,000 rupee note was demonetised in November 2016. Before the official announcement by RBI, the media reported that ₹2000 notes had been printed from the currency printing press in Mysuru by the end of October 2016. Post 2016 Indian banknote demonetisation, seven new currency notes have been announced by the Reserve Bank of India-- ₹2,000, ₹500, ₹200, ₹100, ₹50, ₹20, and ₹10.

According to the RBI data, there were 3,285.87 million pieces of ₹2000 notes in circulation at end-March 2017. A year after (on March 31, 2018), there was only a marginal increase in the number at 3,363.28 million pieces. Of the total currency in circulation amounting to ₹18,037 billion at end-March 2018, ₹2000 notes accounted for 37.3 percent, down from 50.2 percent at end-March 2017. The share has come down to 22.6 per cent at end-March 2020.

The ₹2,000 note was created as a quick fix, to have enough circulation of currency. With lower denominations available in circulation, the Indian government and the RBI has rolled back ₹2,000 notes from circulation.

Under the rationale that the ₹2,000 note was being used for hoarding and tax evasion, RBI has stopped the printing of banknotes of ₹2000 denomination and no new notes of this denomination were printed during the 2019-20 financial year.

Withdrawal

On 20 May 2023, the Reserve Bank of India announced its decision to withdraw the ₹2,000 notes from circulation. Despite this, the notes would temporarily remain legal tender and could be exchanged or deposited in bank accounts until 30 September 2023.

In addition, banks were instructed not to issue 2,000-rupee notes and to increase their staff and counters to handle the expected surge in transactions. The government clarified that this measure is not a "demonetisation" effort. However, the announcement caused some concern among the public, with comparisons being made to the previous demonetisation initiative. While certain BJP lawmakers praised the move as a "second surgical strike on black money," opposition leaders argue that the decision to withdraw notes in 2016 was flawed and that this recent action is an acknowledgment of that mistake. Following the government's announcement, there were reports of individuals using 2,000-rupee notes to make payments at petrol stations and shops in an attempt to dispose of them.

On 1 September 2023, Reserve Bank of India informed that 93% of ₹2,000 notes, worth ₹3.32 lakh crore have been returned to the banking system, and therefore ₹2,000 notes in circulation stood at ₹0.24 lakh crore, at the close of business on 31 August 2023.

On 30 September 2023, Reserve Bank of India informed that 96% of ₹2,000 notes, worth ₹3.42 lakh crore have been returned to the banking system, and therefore ₹2,000 notes in circulation stood at ₹0.14 lakh crore. Reserve Bank of India extended the deposit/exchange deadline to 7 October 2023, and thereafter can be exchanged by individuals at the 19 RBI Issue Offices only.

On 1 November 2023, Reserve Bank of India informed that 97% of ₹2,000 notes have been returned to the banking system, however ₹2,000 notes worth ₹10,000 crore are still in circulation with public, at the close of business on 31 October 2023.

On 1 December 2023, Reserve Bank of India informed that 97.26% of ₹2,000 notes have been returned to the banking system, however ₹2,000 notes worth ₹9,760 crore are still in circulation with public, at the close of business on 30 November 2023. RBI said that 2,000 bank notes continue to be legal tender.

On 1 March 2024, Reserve Bank of India informed that 97.62% of ₹2,000 notes have been returned to the banking system, however ₹2,000 notes worth ₹8,470 crore are still in circulation with public, at the close of business on 29 February 2024. RBI said that 2,000 bank notes continue to be legal tender.

On 1 April 2024, Reserve Bank of India informed that 97.69% of ₹2,000 notes have been returned to the banking system, however ₹2,000 notes worth ₹8,202 crore are still in circulation with public, at the close of business on 29 March 2024.

As of April 30 2025, the figure has dropped to rupees ₹6,266 crore, indicating that 98.24% of the 2000 rupees notes in circulation at the time of the announcement have been returned.

On 1 September 2025, Reserve Bank of India informed that 98.33% of ₹2,000 notes have been returned to the banking system, however ₹2,000 notes worth ₹5,956 crore are still in circulation with public, at the close of business on 31 August 2025.