Which denominations were withdrawn from legal tender by the announcement of 8 November 2016?

Two hundred and two thousand rupeesCorrect answerYour answerOne hundred and five hundred rupeesCorrect answerYour answerOne thousand and two thousand rupeesCorrect answerYour answerFive hundred and one thousand rupeesCorrect answerYour answer

Show the answer and explanation

CorrectNot quiteAnswer D

Correct answer: D

The five hundred and one thousand rupee notes then in circulation ceased to be legal tender.
A new five hundred rupee note was issued afterwards; the thousand was not reissued.
The two thousand rupee note was introduced after the announcement, so it cannot be one of the notes withdrawn by it.

Worth noting

The two thousand rupee note was itself withdrawn from circulation in May 2023, which is a separate event seven years later.

Concept: The notes withdrawn in November 2016
Typical timeTypical: 30 s
Your timeYours: —

The rule this testsMoney, inflation and price indices

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Ten questions from Indian Economy & Institutions, at your own pace.

Which denominations were withdrawn from legal tender by the announcement of 8 November 2016?

Explanation