Subhash Chandra Garg: enough Rs 2K notes in circulation
Soon after the sudden decision to ban old Rs 500/1,000 currency notes by the government on November 2016.
New Delhi: Economic affairs secretary Subhash Chandra Garg said on Friday that India has not yet decided on further printing of Rs 2,000 notes as there are more than adequate notes of this denomination in the system.
The comment comes a day after a media report, which stated that the government has stopped printing Rs 2,000 notes and plans to phase it out.
The secretary pointed out that printing of notes is planned as per the projected requirement. “We have more than adequate notes of Rs 2,000 in the system with over 35 per cent of notes by value in circulation being of Rs 2,000,” said Mr Garg. He said that there has been no decision regarding Rs 2,000 note production recently.
Soon after the sudden decision to ban old Rs 500/1,000 currency notes by the government on November 2016, the RBI had come out with the Rs 2,000 currency note along with a new look Rs 500 note as part of its massive remonetisation exercise.
The old Rs 500/1,000 notes that were scrapped in November 2016 accounted for around 86 per cent of the total currency in circulation at that time.