INDIA

No Ban On Printing Of Rs 2,000 Notes, Clarifies Government

Mumbai: The Reserve Bank of India (RBI) has stopped production of currency notes of Rs. 2,000, refusing this report, the Finance Ministry said today that the scheme of printing was made according to the estimated requirement.

“Printing of notes is planned as per the projected requirement. We have more than adequate notes of Rs 2,000 in the system with over 35% of notes by value in circulation being of Rs 2,000,” Economic Affairs Secretary Subhash Chandra Garg said on Twitter.

One of the media report yesterday claimed that the government stopped the printing of high-value currency notes because it was used for “hoarding, tax evasion and money laundering”.

On the other hand, PTI reported that in November 2016, printing of notes of Rs 2,000 was started, after which in November 2016 it was brought to the minimum till the ban was imposed.

According to RBI data, there were 3,285 million pieces of Rs 2,000 notes in circulation at the end of March 2017.  There was an only marginal increase in the number 3,363 million (on March 31, 2018), Of the total currency in circulation amounting to Rs 18,037 billion at the end of March 2018, Rs 2000 notes accounted for 37.3 per cent, down from 50.2 per cent at the end of March 2017.

The old Rs 500 and Rs 1000 bank notes that were scrapped in November 2016 accounted for around 86% of the total currency in circulation at the time.

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