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

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In March 2018, it was recorded at 37.3 per cent, a fall of almost 13 percentage points from 50.2 per cent in March 2017. Centre has stopped printing them a bid to slowly stop their circulation as per a report in The Print.

The RBI's annual report, released in August 2018, showed that only 7.8 crore notes of the Rs 2,000 denomination were added in 2017-18, taking the total number of bills in circulation to 336.3 crore as of March 2018. Soon after the sudden decision to ban old Rs 500/1,000 currency notes by the government, the Reserve Bank had come out with the Rs 2,000 note along with a new look Rs 500 note as part of its massive remonetisation exercise. It has been chose to limit the printing of 2000 currency notes to minimum.

The Secretary of the Department of Economic Affairs (DEA), Subhash Chandra Garg, said that no decision has been taken with regards to the production of Rs. 2000 currency notes.

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

Most of the black money being circulated right now is in Rs 2000 currency notes, and Govt. wants to stop this.

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According to the finance ministry official quoted above, the central bank and the government decide from time to time the quantum of currency notes to be printed on the basis of money in circulation. The remaining was in the lower denominations. Worth noting is that PM Modi had justified the demonetisation of Rs 500 and Rs 1000 on the same lines.

"Printing of notes planned as per projected requirement".

The share of Rs 2,000 notes in the total currency circulation has experienced a steep decline, from 50.2 percent in March 2017 to 37.3 percent in March 2018.

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