The government emphasised at the Rajya Sabha that a declining trend was visible in the hoarding of Rs 2,000 notes

In September quarter of financial year 2016-17, public cash was valued at Rs 16.56 lakh crore. The very next quarter, which saw Rs 500 and Rs 1,000 notes being banned, currency with public nosedived 47 per cent sequentially to 7.85 lakh crore

While the RBI has not specified any reason, the market is attributing it to hoarding of high value notes or the optimal size of Rs 2000 notes in the system

According to officials, the high circulation of Rs 2,000 notes might defeat the government's objectives of curbing black money as it is easier to smuggle the high-denomination notes.

The RBI in its annual report released on Thursday said the Rs 2,000 notes had shrunk in terms of value and volume in the FY19.

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Of late, the Rs 2000 note has been causing a headache to the policymakers. The bankers have been complaining that Rs 2000 notes are not coming back in the system. There is a suspected hoarding, which will create more challenges, going forward.

\"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.