Govt indicates printing of Rs 2000 notes stopped for now; says sufficient currency in circulation

New Delhi: The government on Friday indicated that printing of Rs 2,000 bank notes, introduced post-demonetisation in November 2016, has been stopped for now as there is enough stock in circulation.

In a tweet, economic affairs secretary Subhash Chandra Garg said printing of notes is planned as per the projected requirement.

Printing of notes is planned as per the projected requirement. We have more than adequate notes of Rs 2000 in the system with over 35% of notes by value in circulation being of Rs 2000. There has been no decision regarding 2000 rupee note production recently.

— Subhash Chandra Garg (@Subhashgarg1960) January 4, 2019

“We have more than adequate notes of Rs 2,000 in the system with over 35 percent of notes by value in circulation being of Rs 2,000. There has been no decision regarding 2,000 rupee note production recently,” the economic affairs secretary said.

Soon after the sudden decision to ban old Rs 500/1,000 currency notes by the government, the Reserve Bank of India had come out with the 2,000 rupee note along with a new look 500 rupee note as part of its massive remonetisation exercise.

The old 500/1,000 bank notes that were scrapped in November 2016 accounted for around 86 percent of the total currency in circulation at that time.