In three years, RBI pulls out over 900 mn notes of Rs-2,000 denomination

Rs-2,000 notes comprised only 2% by volume of total floating currency notes as of March 31, 2021, compared with 3.3% in 2018

The Rs-2,000 note introduced in 2016 following the demonetisation exercise, is slowly being withdrawn from the system, indicating the Reserve Bank of India (RBI) intention to reduce dependency on high-value bank notes in circulating currency.

There were 3,363 million notes of Rs-2,000 denomination in circulation as of March 2018. According to latest data released by the Reserve Bank of India, the number of such notes fell to 2,451 million as of March 31, 2021. This means 912 million bank notes of this denomination have been pulled out by the central bank. The share of Rs 2,000 note was 2 per