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From 2016 to 2018, life of a Rs 2,000 note; all you need to know

The supply of Rs 2,000 notes has also been reduced substantially since April 2017

Somesh Jha 

Rupee, Indian currency
The supply of Rs 2,000 notes was cut to supply lower denomination notes

For a long time, the government and the were silent on the supply and printing of Rs 2,000 notes. Without clarifying when the printing of Rs 2,000 notes were discontinued, the government recently said supply of these notes in the system were adequate. Business Standard takes a look at the journey of the high-value that was introduced in November 2016 when the government had announced of old Rs 500 and Rs 1,000 notes.

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2016

August: RBI’s printing press Bhartiya Reserve Bank Note Mudran Private Limited starts printing Rs 2,000 notes

November: Prime Minister announces of Rs 500 and Rs 1,000 notes; Rs 2,000 notes are soon supplied in the market

December: Rs 2,000 notes worth Rs 3,216 billion pumped into the system till December-end; about 58 per cent of the total notes supplied after demonetisation

2017

March*: Rs 2,000 notes amounting to Rs 7,008 billion printed till March 31; RBI’s annual report says Rs 6,570 billion worth notes of Rs 2,000 were in circulation (about 50% in value)

December**: The government says Rs 2,000 notes worth Rs 7,309 billion printed till December 15, indicates no new Rs 2,000 note printed for a while

2018

February: Minister of State for Finance Pon Radhakrishnan tells only small denomination currency notes being printed at present

On April 17, Economic Affairs Secretary Subhash Garg said Rs 2,000 notes worth Rs 6,750 billion in the system “sufficient” so printing of Rs 2,000 has been halted “since a few days”

*unstarred question No.164 dated 15 December 2017

**unstarred question No.394

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Sources: Reserve Bank of India, Finance Ministry, Rajya Sabha, Lok Sabha


First Published: Sun, April 22 2018. 22:15 IST
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