Mumbai, October 16: The Reserve Bank of India has revealed that the printing of Rs 2,000 currency notes has been stopped and no new Rs 2,000 notes have been printed in the Financial Year 2019-20. The central bank has made the recent revelation in an RTI reply, which was filed by The New Indian Express. RBI Imposes Rs 1 Crore Fine on Lakshmi Vilas Bank, Rs 75 Lakh on Syndicate Bank for Violating Norms.
According to the report, the RBI had printed 3,542.991 million notes in the financial year 2016-17. This was further decreased to 111.507 million notes in 2017-18, and in 2018-19, only 46.690 million notes were printed. RTI reply reveals that by March 2018, 3,363 million notes were in circulation, which is 3.3 per cent of the total currency in circulation in terms of volume and 37.3 per cent in terms of value.
Stating the reason for the decline in the printing of Rs 2,000 notes, officials said that Rs 2,000 notes might defeat the government's objectives as it is easier to smuggle the high-denomination notes. Though, they were rumours that the printing of Rs 2,000 notes was banned, RBI had denied the reports. RBI to Ban Rs 2000 Notes And Release New Rs 1000 Notes on January 1, 2020? Viral Messages Fact-Checked.
It is to be known that RBi has responded on about this after the National Investigation Agency (NIA) claimed that 'high quality' fake currency notes have resurfaced in India. The NIA had alleged Pakistani hand behind this fake racket. RBI had issued the new Rs 2,000 currency notes after Prime Minister Narendra Modi announced the decision to ban old Rs 500 and Rs 1,000 notes in November 2016. Lates in the month, new Rs 500 notes were minted, but Rs 1,000 notes went irrelevant and illegal tender.