More than two years after the Reserve Bank of India (RBI) announced the withdrawal of Rs 2,000 banknotes, a staggering Rs 6,017 crore worth of these high-value notes are still circulating, according to official data released Friday. Despite the RBI’s push to phase out the currency, the notes remain legal tender, sparking curiosity about where they’re hiding.

On May 19, 2023, the RBI began pulling Rs 2,000 notes from circulation, when their total value stood at Rs 3.56 lakh crore. By July 31, 2025, this had plummeted to Rs 6,017 crore, with 98.31% of the notes returned to the banking system. “The public has responded well, but a small fraction remains unreturned,” the RBI noted in a statement.

Individuals can still exchange or deposit these notes at 19 RBI issue offices across cities like Ahmedabad, Bengaluru, Chennai, and Mumbai. Since October 9, 2023, these offices have also accepted Rs 2,000 notes for direct bank account deposits. For added convenience, citizens can send the notes via India Post from any post office to an RBI issue office for account credit.

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The persistence of these notes raises questions about hoarding, oversight, or collector interest, as the RBI continues to ensure smooth exchange options nationwide.

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