RBI stopped printing Rs 2,000 notes

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High value notes are being stopped, RBI(Reserve bank Of India) informed this Newspaper(The New Indian Express) in reply to an RTI query.

Bhartiya Reserve Bank Note Mudran Private Limited Company has not printed a single Rs 2,000 note this financial year.

Bhartiya Reserve Bank Note Mudran Private Limited Company establish by Reserve Bank of India in the year 1995. Corporate office is in Bangalore. India has total four printing press, two in Mysuru, Karnataka and Salboni, West Bengal which is managed by Bhartiya Reserve Bank Note Mudran Private Limited Company. Major portion of bank note requirement in the country. The remaining requirements met through Security Printing and Minting corporation of Indian Limited. A Public sector undertakings wholly owned by government of India.

After demonetization around 25 million notes of Rs 2,000 were printed during 2016-17 financial year. Next year it came down substantially to 111.507 million notes. In 2018-19 the bank printed 26 million notes. In 2019-20, no notes has been printed. There are around 33 million notes of Rs 2,000 in circulation till March 2018. That's why RBI stopped printing Rs 2,000 notes.

Government Of India had informed the Lok Sabha in June over 50 crore in fake currency notes have been seized in past 3 years. In august the RBI(Reserve Bank Of India) had said in its annual report that a huge increase in fake Rs 2,000 currency notes was detected in the banking system in the year 2017-18 financial year.

National Investigation Agency(NIA) has given a statement that "high quality" fake currency notes have resurfaced with Pakistan being the "main source" which is difficult to identify. Bangladesh, on the other hand has emerged as a source of low quality fake notes.

Experts said "The move to print fewer notes is seen as an attempt to prevent hoarding of the high value currency and curb black money."

RBI officials had said earlier this year that "it has been decided to limit the printing of Rs 2,000 currency notes to minimum. This is nothing new".

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