Printing of Rs 2,000 notes not stopped, clarifies government

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"There has been no decision regarding 2000 rupee note production recently", he said.

On Thursday, a report had said the government had stopped printing 2,000 rupee notes and planned to phase it out.

While Garg cleared the air around printing of Rs 2,000 notes, there have been several reports in the past which indicate that Rs 2,000 notes, released after demonetisation, is not necessary anymore.

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According to RBI data, there were 3,285 million pieces of Rs 2,000 notes in circulation at the end of March 2017. The government suspected cash hoarding ahead of state elections, as well as stocking of money by people in the aftermath of the PNB-Nirav Modi bank fraud.

The critics also included bankers like Uday Kotak (MD of Kotak Mahindra Bank) who questioned the government's move to bring in Rs 2,000 notes to replace Rs 1,000 notes. The total value of such notes translates into Rs 15,787 billion.

There are a total of 3,285 million pieces of Rs 2000 currency note right now.

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He further explained that India has more than adequate notes of Rs 2000 in the system with over 35% of notes by value in circulation being of Rs 2000.

We had earlier reported that RBI has stopped placing new orders of Rs 2000 currency note, and now, this is proved that Govt. understands Rs 2000 currency note is not a feasible option.

In contrast, the printing and circulation of the new Rs 500 note has been stepped up.

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The high-value currency was introduced in November 2016, when the government scrapped the old 500/1000 bank notes. The remaining currency in circulation is of lower denomination. 958.7 crore Rs 500 notes were added to circulation in 2017-18, with 588.2 crore notes already in circulation since the previous year.