The printing of Rs. 2,000 notes, which debuted after Prime Minister Narendra Modi's shock demonetisation move in 2016, has been reduced to the "minimum" by the Reserve Bank of India (RBI), a top finance ministry official said today amid reports that it is being phased out.
Soon after the overnight ban on Rs. 500 and 1,000 notes, which wiped out 80 per cent of the currency in circulation, RBI came out with the Rs. 2,000 note along with a new look Rs. 500 note.
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The RBI and the government decide from time to time on the currency to be printed on the basis of money in circulation.
When the Rs. 2,000 note was launched, it had been decided that the printing would be "scaled down", since the new high currency value note was meant for "remonetisation", said the official.
"The printing of 2,000 rupee notes has been substantially reduced. It has been decided to limit the printing of 2,000 currency notes to minimum. This is nothing new," the official said.
According to the RBI data, there were 3,285 million 2,000-rupee notes in circulation in March 2017. A year after, there was only a marginal increase in the number at 3,363 million notes.
Of the total currency in circulation - Rs. 18,037 billion in March 2018 -- Rs. 2,000 notes accounted for 37 per cent, down from 50 per cent the previous year.
