2000 rupee notes printing stopped?

RBI stops printing circulating Rs 2,000 currency notes report

RBI stops printing circulating Rs 2,000 currency notes report

"There has been no recent decision regarding Rs 2,000 note production", Garg said in his tweet.

The comment comes a day after a media report, which stated that the government has stopped printing 2,000 rupee notes and plans to phase it out.

India has stopped printing its newly launched Rs 2000 notes, to get it slowly out of circulation and thereafter from the market.

The Rs 2,000 was introduced after the Modi government demonetised old Rs 500 and Rs 1,000 notes back in November, 2016, which drove out over 85 per cent of the currency notes in circulation at that time. 43% of the overall currency, whose value is 7.73 trillion is in Rs 500 currency note.

The government had to face some flak for introducing a high-denomination Rs 2,000 note right after demonetising the Rs 1,000 note on grounds that it will help hoarding and money laundering, the very practices demonetisation was supposed to end. The remaining is in lower denominations.

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Since Rs 2000 is the biggest denomination, it becomes easy to pass large amount of cash with less number of notes, and avoid suspicion.

According to RBI data, there were 3,285 million pieces of Rs 2000 notes in circulation at end-March 2017. The Income Tax department also seized caches of Rs 2,000 notes during this period. The old Rs 500 and Rs 1000 bank notes that were scrapped in November 2016 accounted for around 86% of the total currency in circulation at the time.

Soon after the ₹2,000 note-the highest denomination in circulation currently-was introduced in November 2016, TV channel ZEE informed viewers that the banknotes had "state of art nano Global Positioning System chips".

"Printing of notes is planned as per the projected requirement".

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