Recently, a report circulated in the Media about how the production of Rs 2000 note has dropped drastically in 2018. A few even claimed about hoarding and said that the note might phase out completely.
Responding to the reports, Economic Affairs Secretary Subhash Chandra Garg said: “Printing of notes is planned as per the projected requirement. We have more than adequate notes of Rs 2,000 in the system with over 35% of notes by value in circulation being of Rs 2,000,” on his Twitter. He also said that there had been no decision regarding Rs 2,000 note production recently.
According to RBI data, there were 3,285 million pieces of Rs 2,000 notes in circulation at the end of March 2017. A year later (on March 31, 2018), there was only a marginal increase in the number at 3,363 million pieces. Of the total currency in circulation amounting to Rs 18,037 billion at the end of March 2018, Rs 2000 notes accounted for 37.3 per cent, down from 50.2 per cent at the end of March 2017. The old Rs 500 and Rs 1000 bank notes that were scrapped in November 2016 accounted for around 86% of the total currency in circulation at the time.
