Government to stop printing of Rs 2000 notes, says report
05 January, 2019, 06:31 | Author: Dave Hampton
India has stopped printing its newly launched Rs 2000 notes, to get it slowly out of circulation and thereafter from the market.
This implies that the value of high denomination notes was equivalent to Rs 13,324 billion as on 8 December 2017, after netting out the small denomination notes from the currency in circulation on that day, it said.
In December 2018, banker Uday Kotak had said that the outcome of the controversial demonetisation drive would have been "significantly better" if "simple things" like introducing Rs 2,000 currency notes were avoided.
The move to introduce a currency note of such high denomination was criticised by the opposition which had claimed that it would further held launderers and tax evaders.
These fears seemed to have come true last April when many Indian cities reported a massive cash shortage. 43% of the overall currency, whose value is 7.73 trillion is in Rs 500 currency note. The government suspected that the cash may have been hoarded ahead of state elections and in the aftermath of the Nirav Modi scam. "There has been no decision regarding 2,000 rupee note production recently", he said. However, the cut in circulation doesn't translate into the note being deemed invalid.
In March 2017, the total value of the currency in circulation was Rs 18.03 lakh crore.
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In 2016-17, 328.5 crore Rs 2,000 notes were in circulation. This comes amid reports that the currency notes are being phased out. A year after (on March 31, 2018), there was only a marginal increase in the number at 3,363 million pieces.
"Printing of notes is planned as per the projected requirement".
The old 500/1,000 banknotes that were scrapped in November 2016 accounted for around 86% of the total currency in circulation at that time.
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