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Printing of Rs 2000 notes stopped

The printing of Rs 2000 currency notes has been stopped by the Reserve Bank of India for the time being, according to news reports. This denomination currency notes will not be printed at least during this current financial year, the reports said. The reports quoted RBI officials as stating the process now under way is the printing the Rs 200 currency notes, which are expected to be available in August. RBI is justifying the decision to stop printing Rs 2000 notes as some 3.7 billion of these notes, amounting to Rs 7.4 lakh crore, have been printed, which is more than 6.3 billion Rs 1,000 notes that were withdrawn after demonetization. The government is said to be keen on moving towards low denomination notes and it does not want more number of Rs 2000 notes in circulation. It feels the new RS 200 notes would fill the demand-supply gap in smaller-denomination notes.

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