Discussion
As of 2020, the highest denomination banknote in circulation in India was
Answer: D
Correct answer: 2000 rupee note
The ₹2000 note was the highest denomination in circulation in India in 2020. It was introduced in November 2016, immediately after the ₹500 and ₹1000 notes were demonetised, precisely so that the value withdrawn could be replaced quickly with far fewer pieces of paper. The ₹1000 note ceased to be legal tender in that same demonetisation and was never reissued, and India has never had a ₹5000 note in general circulation. The picture has changed since: in May 2023 the Reserve Bank withdrew the ₹2000 note from circulation, and although it remains legal tender, almost all of it has been returned to the banking system, so the highest denomination now in ordinary use is once again the ₹500 note. The stem originally asked for the position “being in circulation” without a date; it has been anchored to 2020 so the keyed answer holds.
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