Published: Fri, January 04, 2019
Money | By Ralph Mccoy

RBI has reduced printing of Rs 2,000 notes to a minimum

RBI has reduced printing of Rs 2,000 notes to a minimum

The printing of Rs 2000 notes, introduced after demonetisation on 8 November 2016, has been reduced to a "minimum" by the Reserve Bank of India (RBI), a top finance ministry official said Thursday.

In December 2018, banker Uday Kotak had said that the outcome of the controversial demonetisation drive would have been "significantly better" if "simple things" like introducing Rs 2,000 currency notes were avoided.

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. It has been made a decision to limit the printing of 2,000 currency notes to minimum.

Opposition parties had criticised the introduction of these notes as a higher denomination note would only make it easier for people to hoard money.

"We have more than adequate notes of Rs 2,000 in the system with over 35 per cent of notes by value in circulation being of Rs 2,000".

The income tax department also reported massive seizures of Rs 2,000 notes during this period. The remaining is in lower denominations.

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The squeeze in the circulation of the Rs 2,000 notes started some time back. "Printing of notes planned as per projected requirement".

According to the RBI data, there were 3,285 million pieces of Rs 2,000 notes in circulation at end-March 2017.

The report revealed that the share of Rs 2000 notes has come down to 37.3 per cent in March 2018, down by 13 per cent from 50.2 per cent as of March 2017.

There have been indications of phasing out the Rs 2,000 note. 958.7 crore Rs 500 notes were added to circulation in 2017-18, with 588.2 crore notes already in circulation since the previous year.

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