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.

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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.

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