Bye Bye Rs 2000 Note? RBI Has Stopped Printing Rs 2000 Notes, Rs 200 Currency Note Now The Focus
Reserve Bank of India has almost stopped the printing of Rs 2000 currency notes, as the primary focus has shifted to printing of Rs 200 notes, and circulating them
The aftershocks of demonetization is far from over.
As per reports coming in, Reserve Bank of India has almost stopped the printing of Rs 2000 currency notes, as the primary focus has shifted to printing of Rs 200 notes, and circulating them.
Most probably, from next month onwards, Rs 200 notes would be introduced, and preparations are on full swing.
Does this mean that Rs 2000 currency notes would be slowly put out of usage?
Radha Rama Dorai, country head, ATM and allied services, at ATM service provider FIS said, “Although we haven’t see any drop in supply of Rs 2000 notes, we expect it to be moved out of ATMs once Rs 200 notes hit the market,”
Enough Rs 2000 Notes In The Market – RBI
As per one of the people close to the RBI, there are currently 3.7 billion notes of Rs 2000 denomination in the market, which amounts to Rs 7.4 trillion. RBI feels that this is enough as of now, and have stopped further printing of the notes.
When demonetization kicked in, there were 6.3 billion notes of Rs 1000 denomination, hence, it makes sense as well. Now, more Rs 2000 notes exist in the market, compared to Rs 1000 currency notes, before demonetization.
Another reason is the abundance of Rs 500 currency notes in the market right now.
Right now, 14 billion Rs 500 currency notes have been printed, and in circulation, which clearly compensates 15.7 billion old Rs 500 notes (amounting to Rs 7.85 trillion), which were demonetized last year.
Hence, a stage has arrived wherein existing quantity of Rs 2000 notes are matching quantity of Rs 1000 notes which existed before and Rs 500 new notes are matching Rs 500 old currency notes, which existed earlier.
Note here, that 90% of all available currencies is Rs 500 right now. As of 14th July, total of Rs 15.22 trillion worth of currency notes are in circulation, compared to Rs 17.7 trillion that was in circulation on 4 November, which is 86%.
Confirming this, Neeraj Vyas, deputy managing director, State Bank of India (SBI) said, “The cash crunch which existed till two months ago has now eased with RBI increasing supply of Rs 500 notes over the last 40 days. But we have also seen a sharp drop in the supply of Rs 2000 notes during this period.”
The New Focus: Rs 200 Currency Notes
As an equilibrium has been reached regarding the old state of currency and the new state, RBI has now focussed all energies into printing Rs 200 currency note, which will help to fill the gap between Rs 2000 and Rs 500.
As per reports coming in, around a billion Rs 200 currency notes would be introduced in the market, in the next month.
RBI’s printing press in Mysore has been instructed to print Rs 200 currency notes in full swing. We have already reported how Rs 200 currency note would be different, and equipped with advanced security features as well.
We will keep you focussed as we receive more information..