The Reserve Bank of India has confirmed that it is no longer printing banknotes of denominations of Rs 2, Rs 5 and Rs 2000. What happens to these currency notes? Can you use them still? Find out.
)
The Reserve Bank of India has recently released its Annual Report for 2024-25, a statutory report of its Central Board of Directors. The Report covers the working and functions of the Reserve Bank of India for the period April 2024 - March 2025.
In the Annual Report for 2024-25, RBI said currency in circulation includes banknotes, central bank digital currency (CBDC) and coins. Presently, banknotes in circulation comprise denominations of Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500 and Rs 2000. The Reserve Bank is no longer printing banknotes of denominations of Rs 2, Rs 5 and Rs 2000. Coins in circulation comprise denominations of 50 paise and Rs 1, Rs 2, Rs 5, Rs 10 and Rs 20.
Meanwhile, if you are still in possession of Rs 2, Rs 5 banknotes you can use them, although you cant expect fresh notes of this denomination in the future. For Rs 2000 bank notes, you can go to designated RBI branches and exchange them. The facility for exchange and deposit of the Rs 2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices)1 since May 19, 2023.
The value and volume of banknotes in circulation increased by 6.0 per cent and 5.6 per cent, respectively, during 2024-25, said RBI. During 2024-25, the share of Rs 500 banknotes at86 per cent, declined marginally in value terms.
In volume terms, Rs 500 denomination at 40.9 per cent, constituted the highest share of the total banknotes in circulation, followed by Rs 10 denomination banknotes at 16.4 per cent. The lower denomination banknotes (Rs 10, Rs 20 and Rs 50) together constituted 31.7 per cent.
RBI had announced the withdrawal of Rs 2000 denomination banknotes from circulation on May 19, 2023. The status of withdrawal of Rs 2000 banknotes is periodically published by the RBI. The last press release in this regard was published on May 02, 2025. The Rs 2000 banknotes continue to be legal tender.
The Reserve Bank of India (RBI) has said that the total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 6,181 crore at the close of business on May 31, 2025. Thus, 98.26% of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned.
Newsletter
