Home Business No fresh supply of Rs 2,000 currency notes in this financial year,...

No fresh supply of Rs 2,000 currency notes in this financial year, says RBI – Hyd News

No fresh supply of Rs 2,000 currency notes in this financial year, says RBI - NewsDeal

There were no fresh notes of Rs 2000 supplied in the Financial Year 2021-22, the Reserve Bank of India (RBI) has informed. Since 2019, the printing of Rs 2000 notes is suspended.

The information came through the Annual Report released by the central bank on Thursday. The bank has also said that it will not be adding any fresh supply of Rs 2000 currency notes in this financial year.

The central bank said that two of the highest denominations in India, Rs 2000 and Rs 500 make up 85.7 per cent of all value banknotes in the country as compared to 83.4 per cent in March 31, 2020. Notes of Rs 500 denomination alone make up for 31.1 per cent in circulation in terms of volume.

Last year, RBI said that the printing of Rs 2000 banknotes was stopped way back in 2019. The bank cited security concerns behind the move.

The Annual Report also stated that the number of Rs 2,000 currency notes in circulation came down from 33,632 lakh in March 2018 to 32,910 lakh notes in March 2019 and further to 27,398 lakh notes in March 2020.

Meanwhile, due to precautionary holding of cash by people during the COVID-19 pandemic, banknotes in circulation saw a higher than average increase during 2020-21, RBI said.

In November 2016, under the demonetisation exercise, the Centre had banned Rs 1000 and Rs 500 banknotes which were the highest denomination then. The RBI then included Rs 2000 notes.

LEAVE A REPLY

Please enter your comment!
Please enter your name here