There has been a decline in the circulation of the 2,000 rupee note, Minister Anurag Thakur said.
Strong points
- There has been a decline in circulation of the 2,000 rupee note, Anurag Thakur said.
- The decision was also based on the suitability of its use, he said.
- He was answering a question about why he was barely in circulation now
New Delhi:
Rs 2,000 banknotes have not been printed in the past two years, the finance ministry told parliament today in a question on why banknotes introduced after demonetization in 2016 were barely in circulation now.
2000 rupee banknotes were not sent to the printing press in 2019-20 and 2020-2021, Minister of State for Finance Anurag Thakur said in Lok Sabha.
In a question, MDMK MP A Ganeshamurthi asked whether the government was aware that the circulation of Rs 2000 banknotes among the population was “very low” and was not even available in banks and ATMs.
“The printing of banknotes of a particular denomination is decided by the government in consultation with the Reserve Bank of India (RBI) to maintain the desired denomination combination to facilitate transactional demand from the public,” replied Anurag Thakur, explaining that coin printing was demand driven. .
The decision was also made based on its convenience of use. There has been a decline in circulation of the 2,000 rupee note, the minister said.
Last year, a senior official said that the 2,000 rupee banknotes made up 35% of the total circulation.
The pink banknotes were introduced with the new Rs 500 currency after Prime Minister Narendra Modi announced in November 2016 that the old Rs 500 and Rs 1000 banknotes would be scrapped.
Subsequently, new banknotes of Rs 500, 200, 100 and 50 flooded the market, and the highest currency – Rs 2000 – was used less and less