RBI Stops Printing Rs 2,000 Notes

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As per a leading business daily report, the RBI has stopped minting the currency notes of Rs. 2000 and for the current financial year it is unlikely to bring notes of this denomination. Also, as per officials of the apex body, the RBI has accelerated the printing of Rs. 200 currency notes. To ease the availability of currency in the country, the bank had already begun printing the first batch of Rs. 200 notes in June.

RBI Stops Printing Rs 2,000 Notes

The new bank notes in Rs. 200 denomination are expected to be in circulation by next month. Further, the leading business daily said "About 3.7 billion Rs 2,000 notes, amounting to Rs 7.4 lakh crore, have been printed; that more than compensates for the 6.3 billion Rs 1,000 notes that were withdrawn after demonetization on 8 November 2016".

The SBI report said that the launch of currency notes in Rs. 200 denomination will fill in the "missing middle". The new notes should be in circulation before the end of 2017 and would bridge down the gap related to smaller-denomination currency bills.

The new currency in circulation (CIC) has attained a level of close to 84% of the pre-demonetisation level.

State Bank of India Chief Operating Officer Neeraj Vyas as told to a leading business daily said, "We are receiving currency notes from the Reserve Bank in the denomination of Rs 500 in high-value currency", and that the Rs 2,000 notes were only coming in as a result of recirculation

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Read more about: rbi, bank notes, demonetization
Story first published: Wednesday, July 26, 2017, 12:42 [IST]
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