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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 was cut to supply lower denomination notes
For a long time, the government and the Reserve Bank of India 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 currency note that was introduced in November 2016 when the government had announced demonetisation of old Rs 500 and Rs 1,000 notes. 

2016

 
August: RBI’s printing press Bhartiya Reserve Bank Note Mudran Private Limited starts printing Rs 2,000 notes 
November: Prime Minister Narendra Modi announces demonetisation 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 Lok Sabha 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”

*Lok Sabha unstarred question No.164 dated 15 December 2017
**Rajya Sabha unstarred question No.394

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

 


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