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Fresh speculations on scrapping of Rs.2000 after RBI stopped printing new notes

Wednesday July 26, 2017 8:29 PM, & Agencies

2000 notes printing

Fresh speculations are abuzz in the market that the union government is planning to scrap or phase out Rs.2000 notes after introducing Rs.200 currency notes possibly in the next month.

Rs.2000 currency notes were introduced in November 2016 after Prime Minister Narendra Modi in a surprised decision announced to demonetize old Rs.500 and Rs.1000 notes.

Speculations that Rs.2000 currency notes will be slowly phased out gained momentum after reports that the Reserve Bank of India (RBI) has stopped printing new 2000 rupees notes.

According to the RBI sources, about 3.7 billion Rs.2000 notes have been printed so far but the RBI stopped printing new notes some five months before.

Meanwhile, RBI printing press in Mysuru has started printing the new Rs.200 notes, which are likely to come into circulation next month, according to a second person.

“Initially, around a billion Rs.200 notes are expected to hit the market,” Livemint reported quoting sources.

The government however refused to respond to a question by opposition leader Naresh Agarwal in Parliament on Wednesday. Agarwal wanted to know whether Rs 2000 notes will be scrapped.

Though the government is maintaining a guarded silence on the matter, speculations that Rs.2000 can be discontinued anytime are taking rounds ever since the high denomination new notes were introduced in November.

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