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Printing of Rs 2,000 note stops? Here's the truth

05 January, 2019, 06:28 | Author: Shawna Walton
  • Rs 2000 note,currency,India

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

A finance ministry official said there has been no decision regarding 2,000 rupee note production recently.

There are a total of 3,285 million pieces of Rs 2000 currency note right now.

The introduction of the currency note had drawn severa criticism in the wake of the Government demonetising the currency notes of the denomination of ₹1000 in November, 2016.

The share of the Rs 2,000 notes in the total currency in circulation has come down as well: In March 2018, it was recorded at 37.3 per cent, a fall of almost 13 percentage points from 50.2 per cent as of March 2017.

The government has taken this decision with a suspicion that the high-denomination banknote is being used for hoarding, tax evasion and money laundering. However, the cut in circulation doesn't translate into the note being deemed invalid. The RBI annual report for the year 2017-18 proved to be shot on their arm as it revealed that Rs 15.31 lakh crore worth currency notes were returned, meaning about 99.3 percent of the total currency notes which went out of circulation on a single day. In March 2018, it was recorded at 37.3 per cent, a fall of almost 13 percentage points from 50.2 per cent in March 2017.

We had earlier reported that RBI has stopped placing new orders of Rs 2000 currency note, and now, this is proved that Govt. understands Rs 2000 currency note is not a feasible option.

In 2016-17, 328.5 crore Rs 2,000 notes were in circulation.

"Printing of notes is planned as per the projected requirement". The remaining was in the lower denominations. He claimed that the government had made a decision to reduce the printing of Rs 2,000 notes at the time of their launch itself.

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