RBI Has Stopped Printing Rs 2000 Notes; 2 Reasons Why This Happened?
Earlier, there were speculations and rumors that Govt. of India has stopped printing Rs 2000 currency notes. There was no confirmation regarding this from the Govt., however now, confirmation has come in.
Not even a single Rs 2000 currency note has been printed this year!
And the reason is equally shocking..
Govt Stops Printing Rs 2000 Notes
As per a reply given to a RTI filing, it has been revealed that in this financial year, not even a single Rs 2000 currency note was printed.
As per the RTI reply accessed by Indian Express, total of 3,542.991 million notes of Rs 2,000 were printed and circulated during the financial year 2016-17, when Rs 2000 currency notes were introduced.
Next year, that is financial year 2017-18, total of 111.507 million notes were printed, which was in itself a big reduction.
And in the last year, that is financial year 2018-19, only 46.690 million currency notes of Rs 2000 were printed.
This financial year, the printing of Rs 2000 currency notes have been altogether stopped.
2 Reasons Why Rs 2000 Printing Has Been Stopped
The biggest reason is black money and corruption.
As per some high ranking officials, high denomination notes, especially Rs 2000 notes makes circulation of black money easier, and encourages corruption.
Just a 100 note bundle of Rs 2000 currency can seamlessly transport Rs 200,000 for any cause, and if the cause if corrupt, then it becomes easier.
Hence, by this logic, the very purpose of demonetisation and introducing Rs 2000 currency notes fail here. This is something which RBI and Finance Ministry should have thought about, and tested.
The other big reason why Rs 2000 currency notes have been stopped printing is fake currency notes.
As per intelligence reports, Pakistan-origin counterfeit notes of Rs 2000 have been infused into the Indian markets, and these notes are of very high quality. Over Rs 50 crore worth of fake Rs 2000 currency notes have been seized in the last t
Hence, efforts are on to first fish out these fake notes, and then, maybe, resume printing.
We will keep you updated, as more details come in.