Printing of Rs 2,000 notes stopped by RBI

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Have you been wondering why the ATMs have been barely dispensing Rs 2,000 notes for last few months? That’s because the printing of the high-value note has been stopped, the Reserve Bank of India informed this newspaper in reply to an RTI query. The Bharatiya Reserve Bank Note Mudran Private Limited has not printed a single banknote of Rs 2,000 denomination in this financial year, the RTI reply said.

According to the RBI’s RTI reply, 3,542.991 million notes of Rs 2,000 were printed during the financial year 2016-17. However, the year 2017-18 saw a substantial reduction in printing and only 111.507 million notes were produced, which was further reduced to 46.690 million notes in the year 2018-19. This means that while the notes would still be in usage and circulation, it will be eventually phased out. While there would be fewer Rs 2,000 notes in circulation, the RBI would be keen to maintain the value of total circulation to avert cash crunch issues that may arise. “The printing of 2,000 rupee notes has been substantially reduced. It has been decided to limit the printing of 2,000 currency notes to minimum.

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This is not the first time that reports have surfaced saying the government has stopped printing of Rs 2,000 notes. However, the Centre and the RBI had denied the reports, time and again. “Printing of notes is planned as per the projected requirement. We have 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,” Subhash Chandra Garg, who was then the Secretary of Department of Economic Affairs in the ministry of finance had tweeted earlier this year.

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