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No more printing of Rs 2000 notes by Reserve Bank of India

By Newsd
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Uttar Pradesh: Notes worth Rs 4.26 lakh with same serial numbers dispensed from 5 ATMs
Image: Hindustan Times

It is reported that The Reserve Bank of India 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. The RBI, meanwhile, has shifted its focus on printing the newly approved denomination of Rs 200 notes instead, reported Livemint.

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 This, according to the RBI sources, adequately compensates the 6.3 billion Rs 1000 notes that were withdrawn following the announcement of demonetization by Prime Minister Narendra Modi on 8 November last year.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

The sources further informed that there is no immediate plan to re-introduce Rs 1000 notes. This exercise of printing Rs 200 denomination notes is being undertaken to further improve the current situation in the country, sources said. People are facing difficulty due to high-value Rs 2,000 notes.

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.

All this printing of new currency denomination came into effect after the demonetization when Prime Minister took this move to end black money from the system.