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On 1 December 2023, Reserve Bank of India informed that 97.26% of Rs 2,000 notes have been returned to the banking system, however Rs 2,000 notes worth Rs 9,760 crore are still in circulation with public, at the close of business on 30 November 2023. [27] [28] RBI said that 2,000 bank notes continue to be legal tender. [29]
The first banknotes issued in the New Series were the denominations of ₹ 500 and ₹ 2000, and are in circulation since 10 November 2016. While the ₹ 500 note is still being printed, the ₹ 2000 note was last issued date 2017. [1] [2] [3] The RBI announced on 18 August 2017 that it would soon issue a new ₹ 50 note. [4]
Banknotes of the Indian rupee include: Lion Capital Series: Banknotes of the Indian rupee printed between 1962 and 2000. Mahatma Gandhi Series: Banknotes of the Indian rupee printed between 1996 and 2018. Mahatma Gandhi New Series: Banknotes of the Indian rupee printed from 2016 to present.
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Printing of five-notes, which had stopped earlier, restarted in 2009. On 8 November 2016, the ₹500 and ₹1000 banknote denominations of this series were demonetised and the new Mahatma Gandhi Series of banknotes were revealed in denominations of ₹500 and ₹2000, intended to replace this series.
2023 – Reserve Bank of India issued a circular on 19 May stating currency notes of ₹ 2000 denomination will be withdrawn from circulation [90] The reason given for this withdrawal is the decline in the number of currency notes in circulation. According to the circular, there were only 10.8% of Notes in Circulation on March 31, 2023.
Indian 1-rupee note; Indian 2-rupee note; Indian 5-rupee note; Indian 10-rupee note; Indian 20-rupee note; Indian 50-rupee note; Indian 100-rupee note; Indian 200-rupee note; Indian 500-rupee note; Indian 1000-rupee note; Indian 2000-rupee note
Government printing of such legal currency notes of highest denomination i.e.; ₹ 1,000 (US$12) and ₹ 500 (US$5.80) which remain in the market for only 2 years. After a 2-year period is expired there should be a one-year grace period during which these currency notes should be submitted and accepted only in bank accounts.