The government has stopped printing Rs 2,000 currency notes in its bid to gradually stop their circulation, ThePrint reported on Thursday.
When the ₹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.
Soon after the overnight ban on Rs 500 and 1,000 notes, which wiped out 80 per cent of the currency in circulation, RBI came out with the Rs 2,000 note and a new-look Rs 500 note. "We have more than adequate notes of Rs 2,000 in the system with over 35 percent of notes by value in circulation being of Rs 2,000", Garg said in a tweet today.
The RBI annual report in August 2018 stated that only 7.8 crore notes of Rs 2,000 denomination were added in 2017-18, bringing the total to 336.3 crore Rs 2,000 notes in circulation as of March 2018.
Soon after the ₹2,000 note-the highest denomination in circulation currently-was introduced in November 2016, TV channel ZEE informed viewers that the banknotes had "state of art nano Global Positioning System chips".
During the same period, the income tax department seized massive amounts of Rs 2,000 notes.
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The Modi government suspects the Rs 2,000 note is being used for hoarding, tax evasion and money laundering.
The official said that it has been chose to limit the printing of Rs 2,000 currency notes to a minimum. The remaining was in the lower denominations. The total value of such notes translates into Rs 15,787 billion.
There have been indications of phasing out the Rs 2,000 note.
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.
In contrast, the printing and circulation of the new Rs 500 note has been stepped up.