There has been a sharp decline in the circulation of Rs 2,000 denomination notes in the last three years
In November 2021, the number of currency notes in circulation (NICs) of Rs 2000 denomination was reduced to 2233 million pieces, which is 1.75 per cent of the total NICs. This is a sharp drop in comparison to the 3363 million pieces of these notes that came into circulation in March 2018.
After demonetisation, the government introduced Rs 2,000 notes in November 2016 with the aim of curbing black money.
Giving this statement in Parliament, Pankaj Choudhary, while answering an unstarred question in the Rajya Sabha on Tuesday, said that the decision on printing of banknotes of a particular denomination is taken by the government after consultation with the Reserve Bank of India (RBI). Is. ,
“The NICs accounted for 3.27 per cent and 37.26 per cent, respectively, in terms of quantity and value as against 3,363 million notes (MPCs) of 2,000 denominations in circulation as on March 31, 2018, 2,233 MPCs were in circulation on November 26, 2021, in terms of volume and value. The NIC constitutes 1.75 per cent and 15.11 per cent respectively in the context,” the minister said in a written reply.
Shri Chowdhary said that no new indent has been placed with the currency printing press for Rs 2,000 denomination banknotes since 2018-19. He also said that notes go out of circulation once they are mutilated or soiled.
Following the government’s demonetisation move on November 8, 2016, when it declared Rs 500 and Rs 1,000 denomination notes invalid, a new series of Rs 2,000 notes and Rs 500 notes were introduced.
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