The government on Friday has specified that printing of Rs 2,000 bank notes has been stopped for now as there is enough stock in circulation.
Introduced after demonetisation in November 2016, Rs 2,000 bank notes were flaunted as a weapon to fight corruption, militancy and black money.
Economic Affairs Secretary Subhash Chandra 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,” the Secretary said.
Soon after the ill conceived decision to ban old Rs 500/1,000 currency notes by the government, the Reserve Bank had come out with the 2,000 rupee note along with a new look 500 rupee note as part of its massive remonetisation exercise.
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The old 500/1,000 bank notes that were scrapped in November 2016 accounted for around 86 per cent of the total currency in circulation at that time.