Govt stops printing Rs 2000 note | Current Affairs, Current Affairs 2018

Govt stops printing Rs 2000 note

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The government has indicated that printing of Rs 2,000 bank notes has been stopped for now as there is enough stock in circulation.

In a tweet, economic affairs secretary Subhash Chandra Garg said printing of notes is planned as per the projected requirement. He noted that there is more than adequate notes of Rs 2,000 in the system with over 35 per cent of notes by value in circulation being of Rs 2,000. There has been no decision regarding 2,000 rupee note production recently.

It should be noted that 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 demonetisation exercise. The old 500, 1,000 bank notes that were scrapped in November 2016 accounted for around 86 per cent of the total currency in circulation at that time.

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

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