UPSC Prelims Practice Questions — RBI says 98.4% of withdrawn ₹2,000 notes returned

Question 1

Under which one of the following policies of the Reserve Bank of India was the withdrawal of the ₹2,000 denomination banknote from circulation in May 2023 undertaken?

Accepted Answer

Clean Note Policy

Answer

Note Refund Rules

Answer

Currency Verification and Processing Policy

Answer

Soiled Note Disposal Scheme

Question 2

As confirmed by RBI's status update released on 1 January 2026, which one of the following is the highest-denomination Indian banknote whose fresh printing has been discontinued and which has been formally withdrawn from circulation, yet continues to retain legal tender status?

Accepted Answer

₹2,000

Answer

₹500 (Mahatma Gandhi New Series)

Answer

₹1,000

Answer

₹200

Question 3

As per the RBI's latest status update on the withdrawal of ₹2,000 banknotes, at how many of its Issue Offices is the facility for deposit and exchange of ₹2,000 banknotes currently available?

Accepted Answer

19

Answer

12

Answer

17

Answer

23

Question 4

With reference to the Reserve Bank of India's facility for deposit and exchange of withdrawn ₹2,000 banknotes, consider the following cities:
1. Belapur
2. Guwahati
3. Dehradun
4. Thiruvananthapuram
Which of the above are correctly identified as locations of RBI Issue Offices designated for this facility?

Accepted Answer

1, 2 and 4

Answer

1 and 4 only

Answer

2, 3 and 4

Answer

1, 3 and 4

Question 5

Consider the following cities:
1. Jaipur
2. Bhopal
3. Ranchi
4. Kanpur
With reference to the 19 RBI Issue Offices currently offering the ₹2,000 banknote deposit/exchange facility, which of the above is/are NOT correctly identified as such an Issue Office?

Accepted Answer

3 only

Answer

1 only

Answer

2 and 3

Answer

3 and 4

UPSC Prelims Practice Questions — RBI says 98.4% of withdrawn ₹2,000 notes returned

Q1. Under which one of the following policies of the Reserve Bank of India was the withdrawal of the ₹2,000 denomination banknote from circulation in May 2023 undertaken?

Q2. As confirmed by RBI's status update released on 1 January 2026, which one of the following is the highest-denomination Indian banknote whose fresh printing has been discontinued and which has been formally withdrawn from circulation, yet continues to retain legal tender status?

Q3. As per the RBI's latest status update on the withdrawal of ₹2,000 banknotes, at how many of its Issue Offices is the facility for deposit and exchange of ₹2,000 banknotes currently available?

Q5. Consider the following cities: 1. Jaipur 2. Bhopal 3. Ranchi 4. Kanpur With reference to the 19 RBI Issue Offices currently offering the ₹2,000 banknote deposit/exchange facility, which of the above is/are NOT correctly identified as such an Issue Office?