Printing of Rs 2,000 notes not stopped, clarifies government

Printing of Rs 2,000 notes not stopped, clarifies government

In response to a RTI query back in November 2018, the Currency Note Press in Nashik had said that it has not received any order to print Rs 2,000 denomination notes. 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. However, the latest RBI report released in August 2018, revealed that only 7.8 crore notes of Rs 2000 denomination were added in 2017-18, taking the overall circulation to 336.3 crore, as of March 2018.

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

Soon after the ₹2,000 note-the highest denomination in circulation currently-was introduced in November 2016, TV channel ZEE informed viewers that the banknotes had "state of art nano Global Positioning System chips". At that time, to counter the massive cash shortage, the government flooded the country with new Rs 2,000 notes.

Now, Subhash Chandra Garg, Secretary, Department of Economic Affairs, Ministry of Finance clarified that no such decision has been taken regarding the printing of Rs 2000 notes recently.

The squeeze in the circulation of the Rs 2,000 notes started some time back.

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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. "Printing of notes planned as per projected requirement". The remaining is in lower denominations. The government suspected that the cash may have been hoarded ahead of state elections and in the aftermath of the Nirav Modi scam.

There have been indications of phasing out the Rs 2,000 note.

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

In contrast, the printing and circulation of the new Rs 500 note has been stepped up.

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