Govt stops printing new Rs 2,000 notes

Jermaine Castillo
January 4, 2019

A top government official said on Friday there was "no decision" regarding the printing of Rs 2,000 notes as there was "more than adequate notes" of the denomination in the system, amid reports that it was being phased out.

In response to a RTI query back in November 2018, the Currency Note Press in Nashik had said that it has not received any order to print Rs 2,000 denomination notes.

As per a highly placed source in the government, quoted in the report, Modi-led NDA government has made a decision to stop the printing of the Rs 2000 notes on suspicion that the banknote was being used for hoarding, tax evasion and money laundering.

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As of March 2018, the total value of the currency in circulation was Rs 18.03 trillion, of which Rs 6.73 trillion, or 37 per cent, was in Rs 2,000 notes, and Rs 7.73 trillion, approximately 43 per cent, in Rs 500 notes. This was immediately followed with the introduction of Rs 2,000 note by RBI the same evening.

The decision to stop printing more Rs 2,000 notes was taken after Modi government became suspicious that the high-denomination currency note is being used for money laundering, tax evasion and hoarding, a report by ThePrint said. The remaining was in the lower denominations.

"The printing of Rs 2000 notes has been substantially reduced".

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On 8 November, 2016, Prime Minister Narendra Modi surprised all by announcing an immediate withdrawal of Rs 500 and Rs 1,000 currency notes, claiming to curb black money and fake notes.

To compensate, the printing of Rs 500 notes has been increased. But the final numbers disproved all the calculations wrong as 99.3 percent of the cancelled notes worth close to Rs 15.8 trillion came back to the system.

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