From 2016 to 2018, life of a Rs 2,000 note; All you need to know

The supply of Rs 2,000 notes has also been reduced substantially since April 2017.

Latest News : 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”

Also Read About  → Cash Crunch in India