Sufficient currency in circulation, Govt stops printing of Rs 2000 note

Introduced after demonetisation in November 2016, Rs 2,000 bank notes, which replaced old 500/1,000 bank notes, were flaunted as a weapon to fight corruption, militancy and black money.

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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.

Related Article:Demonetisation anniversary: Modi’s silence speaks louder than words

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.

Related Article:Demonetisation Blunder: Epitome of Modi Government

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.

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Sufficient currency in circulation, Govt stops printing of Rs 2000 note
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Sufficient currency in circulation, Govt stops printing of Rs 2000 note
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Introduced after demonetisation in November 2016, Rs 2,000 bank notes, which replaced old 500/1,000 bank notes, were flaunted as a weapon to fight corruption, militancy and black money.
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THE POLICY TIMES
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