There was a drastic fall in circulation of Rs 2,000 denomination notes in final three years
In November 2021, the variety of Rs 2,000 denomination foreign money notes in circulation (NIC) had come all the way down to 223.3 crore items, which is 1.75 per cent of whole NIC. This can be a sharp fall, in comparison with 336.3 crore items of those notes, which have been in circulation in March 2018.
The Rs 2,000 denomination notes have been introduced in by the federal government put up demonetisation, with the intention of curbing black cash, in November 2016.
Giving this element in Parliament, minister of state for finance, Pankaj Chaudhary whereas responding to an unstarred query in Rajya Sabha on Tuesday stated that printing of financial institution notes of a specific denomination is determined by the federal government after consulting the Reserve Financial institution of India (RBI).
“As in opposition to 3,363 million items (mpcs) of Rs 2,000 denomination banknotes in circulation on March 31, 2018 constituting 3.27 per cent and 37.26 per cent of NIC when it comes to quantity and worth respectively, 2,233 mpcs have been in circulation on November 26, 2021, constituting 1.75 per cent and 15.11 per cent of NIC when it comes to quantity and worth, respectively,” the minister stated within the written reply.
Mr Chaudhary added that no recent indent has been positioned with foreign money printing presses for the Rs 2,000 denomination banknote from 2018-19 onwards. He additionally stated that notes exit of circulation after they get mutilated or dirty.
Following the federal government’s demonetisation transfer on November 8, 2016, when it had declared the then prevailing Rs 500 and Rs 1,000 denomination notes invalid, the Rs 2,000 notes and a brand new sequence of Rs 500 notes have been launched.
