RBI Has Suddenly Started Printing Less Rs 2000 Notes, Govt To Decide How Many Notes Are Needed
The Reserve Bank of India has reduced the printing of Rs 2000 notes. The old 500/1000 bank notes that were scrapped in November 2016 accounted for around 86 per cent of the total currency in circulation at that time. The printing of 2000 rupee notes has been substantially reduced.
The printing of Rs 2000 notes introduced post the demonetisation of Rs 500 and Rs 1000 notes has been reduced to the ¡°minimum¡±. The Reserve Bank of India (RBI) has reduced the printing of Rs 2000 notes and the government along with RBI from time to time decides the quantum of currency to be printed, a finance ministry official told PTI on Thursday.
When the Rs 2000 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.
"The printing of 2000 rupee notes has been substantially reduced. It has been decided to limit the printing of 2000 currency notes to minimum. This is nothing new," the official said.
According to the RBI data, there were 3,285 million pieces of Rs 2000 notes in circulation at end-March 2017. A year after (on March 31, 2018), there was only a marginal increase in the number at 3,363 million pieces.
Of the total currency in circulation amounting to Rs 18,037 billion at end-March 2018, Rs 2000 notes accounted for 37.3 per cent, down from 50.2 per cent at end-March 2017.
The old 500/1000 bank notes that were scrapped in November 2016 accounted for around 86 per cent of the total currency in circulation at that time.
