Govt Admits That Rs 2000 Notes Not Being Printed Since Last 24 Months!
On Monday, the Lok Sabha was informed that in the last 2 years ?2,000 currency notes have not been printed.
Decreased ?2000 Denomination In Circulation
Anurag Singh Thakur, Minister of State for Finance, in a written reply revealed that as of March 30, 2018; 3,362 million currency notes of ?2000 denomination were in circulation.
The ?2000 denomination, he said, constituted 3.27 per cent of currency in terms of volume and 37.26 per cent of the currency in terms of trade.
Interestingly, as of February 26, 2021, only 2,499 million pieces of ?2,000 notes were in circulation as opposed to earlier 3,362 million.
The ?2000 denomination now constitutes 2.01 per cent of currency in terms of volume and 17.78 per cent of the currency in terms of trade.
Printing In Accordance With Transactional Demand
He added that it is the government as well as the RBI(consultation of RBI) who mutually decide the printing of particular denomination of banknotes. The printing and maintaining the desired denomination mix is done in accordance to facilitate the transactional demand of the public.
He added that for printing of ?2000 denomination banknotes, no indent in the years 2019-20 and 2020-21 was placed.
3,542.991 million notes of ?2,000 were printed during the financial year 2016-17, stated the RBI in 2019.
Only 111.507 million notes were printed in the year 2017-18. In the next year, this further reduced to 46.690 million notes and since April 2019, no new ?2,000 currency notes were printed.
The move is seen as an attempt to prevent hoarding of the high-value currency and thus, curb black money.
Soon after the demonetization in November 2016, ?2,000 notes were introduced in an attempt to curb black money and fake currencies.
The ?1,000 currency notes were discontinued while a new ?500 note was printed. Instead of ?1,000 currency notes, ?2,000 note was introduced.
The current denomination mix consists of ?10, ?20, ?50 and ?100, ?500, ?2000.