Is the government in the process of canceling this large amount of notes?

Is the government in the process of canceling this large amount of notes?

Is the government in the process of canceling this large amount of notes?

Do you have a lot of notes?

Is the government in the process of canceling this large amount of notes?

The Reserve Bank has not printed a single 2000 note in 2019-20 – is this the ban on banknotes?

The ban was imposed by the Modi government a few years back. And then new notes were issued. The 2000 note was new and the 1000 rupee note was discontinued. But it has recently come to light that the Reserve Bank of India has not printed a single Rs 2,000 note in the financial year 2019-20. At the same time, it has been observed that the circulation of two thousand notes has also decreased in the last few years. This information has been given by the Reserve Bank in its annual report for the financial year 2019-20.

According to a report released by the RBI, not a single note of 2000 has been printed during 2019-20. Apart from this, no new supply has come from the Reserve Bank of Not Printing and Security Printing and Meeting Corporation. Let me also inform you that the number of notes in the year 2019-20 has decreased by 13.1% as compared to last year. Also, 2019-20 has seen a 23.3 per cent decline in the supply of notes. It may have been caused by an outbreak of the corona virus as well as a lockdown.

Is the government in the process of canceling this large amount of notes?

As per the report provided by the Reserve Bank, 33,632 lakh notes of Rs 2,000 were in circulation till the end of March 2018. In March 2019, the number of banknotes fell to 32,910 lakh. Since then, this year, by the end of March 2020, it has declined further and currently has 27,398 lakh notes in circulation.

If we take a look at the figures till March 2020, 2.4% of the total money in circulation in the country was in 2000 notes. Prior to that, the currency was 3% till March 2019. In 2018, the currency was 3.3%. Thus, there has been a gradual decline in the circulation of Rs 2,000 notes every year.

According to a report by the Reserve Bank of India, the share of Rs 2,000 notes has declined even in terms of value. Let me tell you that at the end of March 2018, the share of Rs. 2000 notes was 37.3%. It then fell to 31.2% by the end of March 2019 and last year this year saw a sharp decline to 22.6% by the end of March 2020.

Circulation of small notes increased

On the one hand, Rs 2,000 notes have depreciated, while on the other hand, small denomination notes of Rs 500 and Rs 200 notes have appreciated, the RBI said in a report. Seeing all this, it seems that somewhere in the market, 2000 notes will not be closed at all!

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