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Govt stops printing new Rs 2,000 notes

05 January, 2019, 06:30 | Author: Kristi Dunn
  • Of the total currency in circulation amounting to Rs 18,037 billion on 31 March 2018 Rs 2000 notes accounted for 37.3% down from 50.2% on 31 March 2017

"There has been no decision regarding 2000 rupee note production recently", Garg tweeted.

The RBI's annual report, released in August 2018, showed that only 7.8 crore notes of the Rs 2,000 denomination were added in 2017-18, taking the total number of bills in circulation to 336.3 crore as of March 2018.

He said the country has more than adequate such notes in the system with over 35 per cent of them by value in circulation. It has been chose to limit the printing of 2,000 currency notes to a minimum.

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

Immediately after the sudden decision to ban old Rs 500 and Rs 1,000 currency notes by the government, the Reserve Bank of India had come out with the Rs 2,000 note along with a new look 500 rupee note as part of its remonetisation exercise. This comes amid reports that the currency notes are being phased out. The total value of such notes translates into Rs 15,787 billion. This was immediately followed with the introduction of Rs 2,000 note by RBI the same evening.

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The government has taken this decision with a suspicion that the high-denomination banknote is being used for hoarding, tax evasion and money laundering.

To compensate, the printing of Rs 500 notes has been increased.

The high-value currency was introduced in November 2016, when the government scrapped the old 500/1000 bank notes. The remaining was in the lower denominations.

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.

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