Amid media reports that the printing of Rs 2,000 note has been stopped – and that the note will be gradually phased out from circulation – Economic Affairs Secretary Subhash Chandra Garg on Friday, 4 January, issued a statement putting rumours to rest.
He said there was more than sufficient quantity of notes in circulation, and that the printing of notes was “as per projected requirement”.
“We have more than adequate notes of Rs 2,000 in the system. Over 35 percent of notes by value in circulation of Rs 2,000 denomination.”Subhash Chandra Garg
Moreover, “no decision” has been taken regarding the production of Rs 2,000 currency denomination yet, he added.
The news was first published by The Print, on on Thursday, 3 January, quoting highly placed sources in the government.
The Reserve Bank of India (RBI) has stopped printing Rs 2,000 notes in a “bid to slowly reduce their circulation,” The Print reported.
Another report by PTI quoted a top finance ministry official saying that the printing of the notes has been reduced to the “minimum” by the Reserve Bank of India.
"The printing of Rs 2,000 notes has been substantially reduced. It has been decided to limit the printing of 2000 currency notes to minimum. This is nothing new," the official said.
The Rs 2,000 note was introduced post-demonetisation in November 2016.
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