Every third banknote in circulation is a Rs 500: RBI annual report

The share of Rs 2,000 notes, however, has been declining both in value and volume terms.

There were more banknotes in circulation in 2020-21 than the year before as people hoarded cash in the middle of a pandemic, with Rs 500 denomination notes making up for over 31 per cent of the total.
 
The share of Rs 500 notes, in volume terms, increased from 25.4 per cent in 2020. It was just about 15 per cent in 2018.
 
In value terms, Rs 500 denom­ination notes constitute 68.4 per cent of the total value of banknotes in circulation. In 2020, that share was 60.8 per cent and in 2019 it was 51 per cent. The