RBI stops printing, circulating Rs 2,000 currency notes

RBI stops printing circulating Rs 2,000 currency notes report

"The printing of 2,000 rupee notes has been substantially reduced", the official said.

His comments came in the wake of media reports that the government has stopped the printing of the two thousand rupees currency notes.

When the ₹2,000 note was launched, it was decided that the printing would be "scaled down" going forward, since the new high currency value note was meant for meeting the remonetisation need.

Taking to Twitter, he said, "We have more than adequate notes of Rs 2000 in the system with over 35 per cent of notes by value in circulation being of Rs 2000". The government, however, had denied any plans to withdraw the Rs 2,000 notes yet.

The government had to face some flak for introducing a high-denomination Rs 2,000 note right after demonetising the Rs 1,000 note on grounds that it will help hoarding and money laundering, the very practices demonetisation was supposed to end.

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The critics also included bankers like Uday Kotak (MD of Kotak Mahindra Bank) who questioned the government's move to bring in Rs 2,000 notes to replace Rs 1,000 notes. The remaining is in lower denominations. The total value of such notes translates into Rs 15,787 billion. A year later (on March 31, 2018), there was only a marginal increase in the number at 3,363 million pieces. The note was introduced post-demonetisation in November 2016.

The share of Rs 2,000 notes in the total currency circulation has experienced a steep decline, from 50.2 percent in March 2017 to 37.3 percent in March 2018.

According to RBI data, there were 3,285 million pieces of Rs 2000 notes in circulation at end-March 2017.

"Printing of notes is planned as per the projected requirement".

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