Rs 2000 note may soon be thing of past

The printing of Rs 2000 banknote, introduced post-demonetization in November 2016, has been reduced to the “minimum” by the Reserve Bank, a top finance ministry official said Thursday.

Soon after the sudden decision to ban old Rs 500/1000 currency notes by the government, the Reserve Bank had come out with the Rs 2000 currency note along with a new look Rs 500 note as part of its massive remonetisation exercise.

The senior official said the RBI and the government from time to time decides on the quantum of currency to be printed on the basis of money in circulation.

When the Rs 2000 note was launched, it was decided that the printing would be “scaled down” going forward, since the new high currency value note was meant for meeting the remonetisation need.

KNOW THE DEMO CURRENCY

3,285 mn – Pieces of Rs 2,000 notes in circulation at end-March 2017

3,363 mn – Number of Rs 2,000 notes in circulation as on March 31, 2018

Rs 18,037 bn – Total currency in circulation at end-March 2018

37.3% – How much Rs 2000 notes accounted for at end-March 2018

50.2% – How much Rs 2000 notes accounted for at end-March 2017

86% – How much old 500/1000 notes accounted for when scrapped in Nov 2016

Source: RBI data