No decision taken on Rs 2,000 note production: DEA Secretary

Of the total currency in circulation amounting to Rs 18,037 billion on 31 March 2018 Rs 2000 notes accounted for 37.3% down from 50.2% on 31 March 2017

The government on Friday indicated that printing of Rs 2,000 bank notes, introduced post-demonetisation in November 2016, has been stopped for now as there is enough stock in circulation. "There has been no recent decision regarding Rs 2,000 note production", Garg said in his tweet.

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 RBI annual report for the year 2017-18 proved to be shot on their arm as it revealed that Rs 15.31 lakh crore worth currency notes were returned, meaning about 99.3 percent of the total currency notes which went out of circulation on a single day.

Close on the heels of these suspicions, the RBI has made a decision to stop the printing of Rs 2,000 to reduce their circulation, the report said.

When the Rs 2,000 note was introduced, the Narendra Modi government was criticised for bringing out a note of such a high denomination considering it had cancelled the Rs 1,000 note.

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However, the reduction in printing of Rs 2,000 notes does not mean they will become invalid.

Now, Subhash Chandra Garg, Secretary, Department of Economic Affairs, Ministry of Finance clarified that no such decision has been taken regarding the printing of Rs 2000 notes recently.

It has been speculated for long that the government would demonetise the Rs 2,000 note.

Many Indian cities had reported a massive cash shortage last April which was believed to be due to hoarding ahead of state elections and in the aftermath of the PNB-Nirav Modi bank fraud. The total value of such notes translates into Rs 15,787 billion.

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