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


The government has not yet decided on further printing of 2,000 rupee notes as there are more than adequate notes of this denomination in the system, economic affairs secretary Subhash Chandra Garg said. 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.

A finance ministry official said there has been no decision regarding 2,000 rupee note production recently. At that time, to counter the massive cash shortage, the government flooded the country with new Rs 2,000 notes.

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.

The notes will remain valid but are likely to be phased out gradually, added the report.

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The introduction of Rs 2,000 notes in the economy was highly criticised by the people as it diluted the Rs 1,000 notes and made it simpler for the hoarders and tax evaders to store money hence undoing the whole idea of government's aim to check tax evasion and money laundering. The note was introduced post-demonetisation in November 2016. He claimed that the government had chose to reduce the printing of Rs 2,000 notes at the time of their launch itself.

Out of Rs 18.03 trillion of currency in circulation right now, 37% belong to Rs 2000 currency, amounting to Rs 6.73 trillion.

"Printing of notes planned as per projected requirement". A year after, on 31 March 2018, there was only a marginal increase in that number to 3,363 million pieces. 43% of the overall currency, whose value is 7.73 trillion is in Rs 500 currency note.

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