The concentration of the bio-limiting nutrient element, phosphorus (P), in seawater is important for primary marine productivity and the evolution of life on geological time scales. The molar percentage of P/Fe in banded iron formations (BIF) and iron oxide-rich chemical sediments is a good proxy for the first-order approximation of seawater P concentration. Bio-available concentration of phosphorus in Precambrian, especially during the late Palaeoproterozoic Era (2.0–1.8 Ga), is poorly constrained. We evaluated the P/Fe ratios of iron-rich rocks from the late Palaeoproterozoic Chilpi Group, Bastar Craton, Central India. The bulk rock molar percentage of P/Fe ratios of the Chilpi rocks vary between 0.11 and 1.17 (average 0.51 ± 0.3), and the average of EPMA spot analysis P/Fe molar ratio is 0.32 ± 0.4; both have values similar to Archaean BIFs of the world. The observed low molar ratio is not an artefact of contamination from terrestrial sources, diagenetic alterations or high-temperature hydrothermal inputs; it indicates the deposition from phosphorus-lean seawater. The modelled P/Fe molar ratio in the Chilpi Group suggests that the concentration of phosphorus in the shallow marine environment was less than 0.12 μM. The low level of phosphorus concentration in seawater during the late Palaeoproterozoic Era is interpreted to be a consequence of the low primary production during a period of low atmospheric oxygen content, which might have impeded the evolution of eukaryotes.