Business

Government May Restrict Printing Of Rs 2000 Notes For Now

HARSH RANJAN | 2
4916
| January 5 , 2019 , 19:13 IST

The Government on Friday indicated that it may restrict the printing of Rs 2,000 notes as there is enough stock in circulation for now.

It was introduced post-demonetisation in November 2016.

 

A finance ministry official said last evening that the printing of the notes, which debuted after demonetisation move in 2016, had been reduced to the "minimum" by the Reserve Bank of India (RBI).

"The printing of 2000 rupee notes has been substantially reduced. It has been decided to limit the printing of 2000 currency notes to a minimum. This is nothing new," the official added.

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.

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.

ALSO READ: Rupee Gains 9 Paise Against US Dollar In Early Trade

Economic affairs secretary Subhash Chandra Garg said 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 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," he added.

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