Rs 2,000 notes: Know what the govt has to say on circulation

04 January, 2019, 19:27 | Author: Brooke Harris
  • A man counting Rs 2,000 notes

A top government official said on Friday there was "no decision" regarding the printing of Rs 2,000 notes as there was "more than adequate notes" of the denomination in the system, amid reports that it was being phased out. "There has been no decision regarding 2,000 rupee note production recently", he said. 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.

Juxtaposing the data presented in the Lok Sabha with the one provided by RBI in its annual report, the SBI Ecoflash report said, "we observe" that the value of small denomination currency in circulation up to March 2017 was Rs 3,501 billion.

Of this, Rs 6.73 lakh crore (Rs 37%) was in Rs 2,000 notes, while Rs 7.73 lakh crore (43%) was in new Rs 500 notes, PTI reported citing RBI figures. If you are taking out Rs 500 and Rs 1,000 notes, why would you introduce Rs 2,000 notes?

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. The government, however, had denied any plans to withdraw the Rs 2,000 notes yet.

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The squeeze in the circulation of the Rs 2,000 notes started some time back. But the final numbers disproved all the calculations wrong as 99.3 percent of the cancelled notes worth close to Rs 15.8 trillion came back to the system.

To compensate, the printing of Rs 500 notes has been increased.

As of March 2018, the total currency in circulation was Rs 18.03 lakh crores.

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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