RBI stops the printing of Rs. 2000 currency notes
Posted on: 21/Dec/2017 12:21:13 PM
The Reserve Bank of India announced that it has stopped the printing of the currency notes of denomination Rs.2000 and also would not release the balance notes on its hand citing the major reasons that a large number of Rs.2000 currency notes are already in circulation.
Demonetisation of certain currency notes was announced last November (2016), As a measure, new Rs.500 and Rs.2000 currency notes were printed and circulated. Later, Rs.2000 currency notes were also printed and circulated.
In a recent annual report, the Reserve Bank had informed about the quantum of the various currency notes of different denomination under circulation.
Based on this report, The Chief Economic Adviser of the State Bank of India, Somya Gandhi Ghosh, in an analytical report, that as per the report submitted by the annual report by the Reserve Bank of India,
· Lower denomination currency notes worth Rs.3.50 Lakh Crores
· Higher denomination of currency notes worth Rs.13.32 Lakhs are presently in circulation.
As per the report submitted by the central Ministry of Finance in the parliament, the Reserve Bank of India had printed currency notes of Rs.500 and Rs.2000 for a total worth of Rs.15.78 Lakhs.
When comparing the number currency notes printed and the number of currency notes in circulation, Rs.2.46 Lakh Crores worth of higher denomination currency notes have not been circulated.
The Reserve Bank of India has stopped the printing of currency notes of Rs.2000 denomination. Also, the RBI has not circulated the balance quantum of Rs.2000 currency notes on its stock.
