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No decision taken on printing of Rs 2,000 note: Govt official clarifies

A report had claimed that the printing of Rs 2,000 note would be "slowed down" in the near future, as the high currency value note was meant for meeting the remonetisation need.

By: Express Web Desk | New Delhi | January 4, 2019 12:54:07 pm
No decision taken on printing of Rs 2,000 note: Govt The high-value currency was introduced in November 2016, when the government scrapped the old 500/1000 bank notes.

Amid reports that the Reserve Bank of India has reduced the printing of Rs 2,000 note to “minimum”, a top finance ministry official said “no decision has been taken recently,” reported news agency ANI. The note was introduced post-demonetisation in November 2016.

Talking to ANI, Subhash Chandra Garg, Secretary, Department of Economic Affairs said that the agency has “more than adequate” notes of Rs 2,000 and that the government has made no “recent” decision on production of the currency. “Printing of notes planned as per projected requirement. We’ve more than adequate notes of Rs 2000 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 said.

On Thursday, news agency PTI quoted a finance ministry source saying that the printing of Rs 2,000 note would be
“slowed down” in the near future, as the high currency value note was meant for meeting the remonetisation need. “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 a minimum. This is nothing new,” the official said.

According to the RBI data, there were 3,285 million pieces of Rs 2000 notes in circulation in March 2017. A year after (on March 31, 2018), there was only a marginal increase in the number at 3,363 million pieces. Of the total currency in circulation amounting to Rs 18,037 billion at end-March 2018, Rs 2,000 notes accounted for 37.3 per cent, down from 50.2 per cent at end-March 2017.

The high-value currency was introduced in November 2016, when the government scrapped the old 500/1,000 bank notes.

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