Thursday, January 3, 2019

RBI slashes Production of Rs.2,000 Note to Minimum - 3RD Jan. 2019

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RBI slashes printing of Rs.2,000 note to minimum

New Delhi, January 3, 2019: The printing of Rs 2,000 banknote, introduced post demonetisation in November 2016, has been reduced to the "minimum" by the Reserve Bank, a top Finance Ministry official said today. Soon after the sudden decision to ban old Rs 500/1,000 currency notes by the government, the RBI had come out with the Rs 2,000 currency note along with a new appearance of Rs.500 note as part of its massive remonetisation exercise.

RBI slashes printing of Rs.2,000 note to minimum

The senior authorized officer said the RBI and the government from time to time decides on the quantum of currency to be printed on the basis of money in circulation. When the Rs 2,000 note was launched, it was decided that the printing would be "scaled down" going forward, since the new high currency value note was meant for meeting the remonetisation need.

"The printing of Rs 2,000 rupee notes has been substantially reduced. It has been decided to limit the printing of Rs 2,000 currency notes to minimum. This is nothing new," the official said. According to the RBI data, there were 3,285 million pieces of Rs 2,000 notes in circulation at end-March 2017. A year after (on March 31, 2018), there was only a marginal growth 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%, down from 50.2% at end-March 2017.

Account for 37.3% of currency in circulation
■ There were 3,285 million pieces of ~2,000 notes in circulation at end-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 ~18,037 billion at end-March 2018, ~2,000 notes accounted for 37.3%, down from 50.2% at end-March 2017.

Disclaimer: We took this information from “The Tribune Newspaper” published on 3rd Jan. 2019.