RBI Reduces Printing Of Rs 2,000 Notes

A man counting Rs 2,000 notes

However, the reduction in printing of Rs 2,000 notes does not mean they will become invalid.

"This means that the residual amount of high currency notes (Rs 15,787 billion Rs 13,324 billion) of Rs 2,463 billion may have been printed by the RBI but not supplied in the market", said the report authored by Soumya Kanti Ghosh, group chief economic adviser, SBI. In all likelihood, the denomination will be gradually phased out.

A report in The Print said, "The decision comes on the back of suspicion in the Modi government that the high-denomination banknote was being used for hoarding, tax evasion and money laundering".

Soon after the overnight ban on Rs 500 and 1,000 notes, which wiped out 80 per cent of the currency in circulation, RBI came out with the Rs 2,000 note and a new-look Rs 500 note.

The printing of Rs 2,000 currency note has been stopped and it will slowly be taken out of circulation, reports suggest. The remaining was in the lower denominations.

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". The government suspected that the cash may have been hoarded ahead of state elections and in the aftermath of the Nirav Modi scam.

The income tax department also reported massive seizures of Rs 2,000 notes during this period.

Wolverhampton Wanderers 'have £18m Tammy Abraham bid accepted'
The young English forward has netted 16 goals and assisted one in 20 appearances for Villa, after joining on deadline day. The Chelsea loanee's exploits haven't gone unnoticed as a number of clubs have cast admiring glances towards the striker.

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

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

Close on the heels of these suspicions, the RBI has chose to stop the printing of Rs 2,000 to reduce their circulation, the report said.

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

To compensate, the printing of Rs 500 notes has been increased. India added 958.7 crore Rs 500 notes in 2017-18, with 588.2 crore notes in circulation the previous year.

The old Rs 500/1000 notes that were scrapped due to demonetisation accounted for around 86% of the total currency in circulation at that time.

ThePrint's YouTube channel is now active and buzzing.

Related News:

Most liked

Bulls deal Justin Holiday to Grizzlies for Marshon Brooks, Wayne Selden Jr
In his time with Chicago , Holiday averaged 10.9 points, 3.8 rebounds, 2.1 assists and 1.21 steals in 29.9 minutes per game. The Bulls are in a dealmaking mode, shopping center Robin Lopez and forward Jabari Parker in trade talks, sources said.

Netflix issues warning after Bird Box fans start freaky challenge
To survive, Malorie has to make a risky journey to safety with her two children, Boy and Girl, all while blindfolded. Boy and Girl play children in the film who attempt to reach a safe place with Bullock away from the killer forces.

Spurs score 46 points in third quarter to race past Celtics
Boston Celtics have a 21-14 record (18-17 against the spread ) so far this season and now sit in the 5 place of the East. IN enters the new year third in the Eastern Conference behind only the streaking Bucks and the Raptors.

Liverpool Already Know Pep Guardiola Is Scared Of Their Attackers
This could have been the night when, to all intents and purposes, their pursuit of a second successive title could have ended. Kickoff at the Etihad is 8pm (GMT), the referee is Anthony Taylor.

New Delhi keeps tab on Islamabad role in Afghan peace process
The talks are created to set parameters for negotiations between the Taliban and the Afghan government, Iranian media reported. But the United States has insisted that any final settlement must be led by the Afghans.

How to get rid of your old Christmas Tree
If councils do not collect Christmas trees in January, many of us also choose to take it to the garden waste section of the tip. Large trees over five feet tall will need to be cut into smaller pieces to allow them to fit into the collection vehicle.

Magnitogorsk blast: Death toll rises to 37
Tuesday's recovery of the infant offered a rare moment of hope, with officials describing his rescue as a " New Year's miracle ". Among them was a baby boy plucked alive by from the rubble by rescuers Tuesday, having endured freezing temperatures.

Khashoggi Murder Trial Opens in Saudi Arabia
Candles burn in a memorial to slain journalist Jamal Khashoggi outside Saudi Arabia's Consulate in Istanbul in October 2018. Both former officials have been sacked and both were slapped with sanctions by the US Treasury Department in mid-November.

Trump gives new Pentagon chief Shanahan a taste of his world view
Three days later, Trump said he was replacing Mattis with the second-ranking defense official, Pat Shanahan, on New Year's Day. Mattis in making an exit from the Pentagon is press secretary Dana White, who gave no reason for her departure as Mr.

Vatican spokesman Greg Burke and deputy resign
In another tweet , he thanked Pope Francis and stated that his experience in the Holy City was "fascinating, to say the least". The head of Vatican communications, Paolo Ruffini, said he had learned of the decision by Burke and Garcia and respected it.

'Do we need blood?' - Klopp defends Salah over dive claims
Asked what he thought of the award of two spot-kicks he added: "It wouldn't change the score, Liverpool deservedly won". I don't know how many positions he's played. "So far the gesture of the season".

Trump expecting to meet with North Korean leader soon
North Korea often accuses the South of deceiving or paying people to defect, or claims that they have been kidnapped. South Korean officials had not been able to immediately confirm the media reports that he had sought asylum.

Trump tries to deflect blame for migrant children's deaths
Currently, the government remains partially shutdown as Trump fights for border wall funding that Democrats refuse to approve. After she began experiencing seizures, Caal was flown to a hospital in El Paso, Texas, where she died two days later.

Yankees reportedly agree to deal with Troy Tulowitzki
He was limited to just 66 games in 2017 because of the ankle issue and slashed.249/.300/.378 that year. Troy Tulowitzki has bet on himself as a shortstop before - did it in the 2005 draft, in fact.

Russia, Pakistan Should Fight In Afghanistan
He said that Modi was "constantly telling me he built a library in Afghanistan ", reported the Agence France-Presse. Trump asserted that his allies were not contributing enough towards conflicts in Syria, Iraq and Afghanistan.