Rs 2000 Notes Printing Phasing Out? Economic Affairs Secretary Subhash Garg Rubbishes Report

New Delhi, January 4: Amid media reports that Rs 2000 notes were phasing out, a top official on Friday informed that the government had not taken any decision in this regard. According to a tweet by Economic Affairs secretary Subhash Garg, the printing of notes is a planned process, and at present, there are more than adequate notes of the denomination in the system. Garg added saying that the government has not taken any decision regarding 2000 rupee note production.

"Printing of notes is planned as per the projected requirement. We have more than adequate notes of Rs 2000 in the system with over 35% of notes by value in circulation being of Rs 2000. There has been no decision regarding 2000 rupee note production recently", Garg tweeted. Rs 2000 Note Printing Scaled Down by RBI Two Years After Demonetisation.

Take a look at the tweet:

Earlier in the day, there were reports that the printing of Rs 2000 banknote has been reduced to the “minimum” by the Reserve Bank. The reports further said that the printing of 2000 rupee notes has been substantially reduced and it has been decided to limit the printing of 2000 currency notes to a minimum. Rs 2000 and Rs 500 Notes’ Printing Data Post Demonetisation Should Be Disclosed: CIC.

The Rs 2000 notes were launched post-demonetisation in November 2016 after old 500/1000 bank notes were scrapped. The old notes accounted for around 86 per cent of the total currency in circulation at that time. According to a report by PTI,  the total value of the currency in circulation was Rs 18.03 lakh crore, of which Rs 6.73 lakh crore was in Rs 2,000 notes.

(The above story first appeared on LatestLY on Jan 04, 2019 02:22 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).