India stops printing Rs 2,000 note, two years after its shock launch

A man counting Rs 2,000 notes

"There has been no recent decision regarding Rs 2,000 note production", Garg said in his tweet. When the Rs 2000 note was launched, it was decided that the printing would be "scaled down" going forward, since the new high-value currency note was meant for meeting the remonetisation needs. Rs 2,000 notes were introduced after the government banned the old Rs 500 and the Rs 1,000 denominations on November 8, 2016.

Juxtaposing the data presented in the Lok Sabha with the one provided by RBI in its annual report, the SBI Ecoflash report said, "we observe" that the value of small denomination currency in circulation up to March 2017 was Rs 3,501 billion.

The cut in circulation does not mean the Rs 2,000 notes will become invalid.

Opposition parties had criticised the introduction of these notes as a higher denomination note would only make it easier for people to hoard money.

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There have been media reports that no new Rs 2000 notes will be printed any more. The government, however, had denied any plans to withdraw the Rs 2,000 notes yet.

The critics included bankers, with Uday Kotak, the managing director of Kotak Mahindra Bank, questioning the government's move to bring in Rs 2,000 notes while phasing out Rs 1,000 notes.

The old 500/1,000 banknotes that were scrapped in November 2016 accounted for around 86% of the total currency in circulation at that time. The remaining is in lower denominations.

As of March 2018, the total currency in circulation was Rs 18.03 lakh crores. Replying to a question whether the government was considering withdrawal of Rs 2,000 notes, Minister of State for Finance Pon Radhakrishnan in the Lok Sabha said, "there is no such proposal".

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