Saturday, January 28, 2023

Printing of 2000 notes closed, now only such notes are in trend!

On 8 November 2016, the Modi government had removed 500 and 1000 rupee notes in the country. After this note ban, a new note of 500 rupees and 2000 rupees came into circulation. The 2000 notes were the highest trend in the country during the year 2017-18. During this time, 33,630 lakh notes of 2000 were in circulation in the market. Their total value was 6.72 lakh crore rupees. 

After demonetization, 2000 notes issued in large numbers are no longer in circulation. Their number decreased by 9,120 lakhs i.e. 27%. In this way, 2000 notes of 1.82 lakh rupees have been left out of the market. 

Minister of State for Finance Anurag Thakur had given this information in the Lok Sabha that for the last two years, not a single note of 2000 rupees has been printed. Actually, after negotiating with the RBI, the government decides on the printing of notes. Since April 2019, the central bank has not printed a single 2000 note. This is also mentioned in his annual report. So where did these notes go? 

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There is no information about these 2000 notes which were out of circulation in the RBI annual report. But the central bank has made it clear that it has stopped printing them, so new banknotes of 2000 notes are not reaching the bank branches nor people are getting them from ATMs. 

Experts say that there is every possibility that 2000 notes are being deposited as black money due to high value. In 2016, even at the time of demonetization, the experts expected to return the currency of Rs 4 to 5 lakh crores. However, after that RBI said in its annual report that about 99% of the old 500 and 1000 rupee notes were withdrawn. 

According to the RBI report, till March, only 24,510 lakh notes of 2000 rupees are left in circulation in the country. Their total value is 4.90 lakh crore rupees. Although 2000 rupee notes may have decreased in circulation, other banknotes such as 500, 200 rupee notes have increased. During this time the use of cash has also increased in the country.

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