RBI stopped printing of Rs 2,000 notes nearly five months ago

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The Reserve Bank of India reportedly stopped printing Rs 2000 notes in March this year. The federal bank is also not likely to print any more Rs 2,000 notes in the current financial year.

rbi stopped printing rs 2000

The RBI, meanwhile, has shifted its focus on printing the newly approved denomination of Rs 200 notes instead, reported website Livemint.

The report further added that the RBI had so far printed nearly 3.7 billion Rs 2000 notes amounting to Rs 7.4 trillion.

This, according to the RBI sources, adequately compensates the 6.3 billion Rs 1000 notes that were withdrawn following the announcement of demonetisation by Prime Minister Narendra Modi on 8 November last year.

It was announced in early July that the RBI will soon print new Rs 200 notes to ease pressure on lower-denomination currencies that are in short supply.

The new notes of Rs 200 should be out before the end of 2017 and will greatly help in narrowing the demand and supply gap in smaller-denomination currency bills, sources had said.

They also said that there is no immediate plan to re- introduce Rs 1,000 notes.

This exercise of printing Rs 200 denomination notes is being undertaken to further improve the currency situation in the country, sources said, adding the problem people are facing due to high-value Rs 2,000 notes would also be taken care of with the circulation of Rs 200 notes.

The topic dominated the proceedings in Rajya Sabha on Wednesday as the Opposition in Rajya Sabha on Wednesday asked Finance Minister Arun Jaitley to clarify whether the government has decided to scrap the newly launched Rs 2,000 note and introduce a Rs 1,000 coin.

The central bank had reportedly decided to bring in Rs 200 notes in March after consulting the finance ministry, they said. The notes are going through multiple checks for security and quality at government printing presses.

While announcing the note ban, Modi had said that the move will help end black money from the system. But nearly one year on, the impact on black money has yet to be felt.

In 50 days of the demonetisation period, nearly 200 people had lost their lives due to note ban related stress.

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