New Delhi | Amid reports of reducing the production of Rs 2000 banknote, an Economic Affairs official has denied that the government has taken any such discussion.
Speaking to news agency ANI, a secretary of the department of the Economic affairs has said, “Printing of notes planned as per projected requirement. We’ve more than adequate notes of Rs 2000 in the system with over 35% of notes by value in circulation being of Rs 2000. There has been no decision regarding 2000 rupee note production recently.”
Secy,Dept of Economic Affairs: Printing of notes planned as per projected requirement. We’ve more than adequate notes of Rs 2000 in the system with over 35% of notes by value in circulation being of Rs 2000. There has been no decision regarding 2000 rupee note production recently pic.twitter.com/V2HFawWoor
— ANI (@ANI) January 4, 2019
Earlier a top finance ministry official had said that the printing of Rs 2000 banknote has been reduced to the “minimum” by the Reserve Bank He said, “RBI and the government from time to time decide on the quantum of currency to be printed on the basis of money in circulation. When the Rs 2000 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.
According to the RBI data, there were 3,285 million pieces of Rs 2000 notes in circulation at end-March 2017. A year after (on March 31, 2018), there was only a marginal increase in the number at 3,363 million pieces. Of the total currency in circulation amounting to Rs 18,037 billion at end-March 2018, Rs 2000 notes accounted for 37.3 percent, down from 50.2 percent at end-March 2017.
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