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Why RBI is Not Issuing Fresh Rs. 2000 Notes?

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The current biggest denomination currency in India is the Rs 2000 notes. The Reserve Bank of India (RBI) has announced that no new Rs 2000 notes will be issued in the Financial Year 2021-22. The printing of Rs 2000 notes has been halted since 2019. Two of the highest denomination banknotes, the Rs 500 and Rs 2000, are said to account for 85.7 percent of all value banknotes in the country.

 

The data came from the central bank's Annual Report, which was released last week. This financial year, the bank has also stated that it will not be introducing any new supply of Rs 2000 currency notes.

About Rs 2000 Note

About Rs 2000 Note

On the reverse of the new denomination is a motif of the Mangalyaan, which depicts the country's first interplanetary voyage. The note's primary colour is magenta. On both the obverse and reverse of the note, there are other designs, geometric patterns that match the overall colour scheme. The new note is 66mm x 166mm in dimension. The printing of Rs 2000 banknotes was halted in 2019, according to the RBI. The Reserve Bank of India (RBI) decided to discontinue issuing Rs 2000 banknotes due to security concerns.

The value of Rs 2000 notes was estimated to be at INR 6.72 lakhs at its height, but it has since decreased to 4.90 lakhs in March 2021. The total amount of notes withdrawn from the market is roughly 9,120 lakhs, with an estimated value of INR 1.82 lakh crore.

How to identify fake Rs.2000 Note?
 

How to identify fake Rs.2000 Note?

On the right side of the front side of the note, there will be a black rectangular image with?2000 written on it. This is going to be in raising print. It's worth noting that the note's front side features a photograph of Mahatma Gandhi.

When the note is held at a 45 degree angle at eye level, a latent picture of the number 2000 appears.

The number 2000 in Devnagiri. Swachh Bharat logo with slogan on backside of note.

Rs 2000 in raised print on a horizontal rectangle. A raised image of Gandhi, the Ashok insignia, bleed lines, and identification markers are included for the visually handicapped.

Right next to Gandhiji's portrait is a security thread that changes colour. The word ‘Bharat' is written in Hindi on the thread. When the note is tilted, the security thread changes from green to blue.

Rs. 500 Note in Market

Rs. 500 Note in Market

Rs.500 Note in Market

The central bank, on the other hand, increased the issuance of Rs 500 notes to meet the demand for cash throughout the previous fiscal year. It presently makes up 68.4 percent of all banknotes on the market. In terms of value, the share of Rs 500 and Rs 200 notes in circulation in the country was around 83.4 percent in the year ending March 31, 2020, and has climbed to roughly 85.7 percent in the year ending March 31, 2021.

Why RBI is Not Issuing Fresh Rs. 2000 Notes?

Why RBI is Not Issuing Fresh Rs. 2000 Notes?

The Rs 2000 notes are thought to be the most commonly hoarded in the form of black money because they have a high value and take up less space than a bundle of Rs 500 notes. After the Modi government became suspicious that the high-denomination currency note was being utilized for money laundering, tax evasion, and stockpiling, the decision to halt producing more than Rs 2,000 notes were made, according to the report. The government, on the other hand, has not given any rationale for removing the Rs2000 currency notes from circulation or for failing to issue a printing order.

Read more about: rbi notes currency
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