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Printing of Rs 2000 notes stopped for now; sufficient currency in circulation, says official

"Printing of notes is planned per projected requirement and now, over 35 per cent of the notes in circulation are those of Rs 2,000," Subhash Chandra Garg said.

twitter-logo BusinessToday.In   New Delhi     Last Updated: January 4, 2019  | 14:37 IST
Printing of Rs 2000 notes stopped for now; sufficient currency in circulation, says official

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

The Centre issued the statement after media reported that Rs 2,000-rupee bank notes are being phased out.

"Printing of notes is planned per projected requirement and now, over 35 per cent of the notes in circulation are those of Rs 2,000," Economic Affairs Secretary Subhash Chandra Garg said.

In a tweet, Garg said, "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.

Also Read: Parliamentary panel asks RBI to review rules on capital needs for banks

The Reserve Bank of India had introduced the 2,000 rupee note after Prime Minister Narendra Modi's shock demonetisation move in November 2016, which saw overnight ban on Rs 500 and 1,000 notes.

The old 500 and 1,000 bank notes were scrapped in November 2016, which accounted for over 80 per cent of the total currency in circulation at that time.

As per data available with RBI, there were 328.5 crore Rs 2,000 notes in circulation in March 2017, which marginally increased to 336.3 crore next year.

Edited by Chitranjan Kumar

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