The speculation regarding the ban of 2,000 currency notes in the country could be true since the Bharatiya Reserve Bank Note Mudran of the Reserve Bank of India (RBI) hasn’t printed a single high-value currency in 2019. Hoarders have panicked after former finance minister Garg’s mentioned in his blog that Rs 2,000 currency notes could be demonetised as their circulation has nosedived in the country.
Reports said the RBI printed around 3,542.991 million notes in the denomination of Rs 2,000 in the financial year 2016-17 while the number came down to 111.507 million notes next year. The bank printed as many as 46.690 million notes in the financial year 2018-19. An RBI official said this year that the printing of the 2,000 currency notes has been decreased and there is nothing new in it.
Experts said the reduction in printing 2,000 notes was an attempt to prevent hoarding of the high-value currency. The policy to put Rs 2,000 note printing on hold is better than the demonetisation which was disruptive in nature.
On November 8, 2016, Prime Minister Narendra Modi made the whole country befuddled when he declared to ban all the Rs 500 and Rs 1,000 currency notes. The government stated that the aim of that decision is to eliminate black money, wiping out terror financing and cracking down on counterfeit currency. There were strong reactions both in favour and in against of this unprecedented move taken by the Modi government. The move came to be known as demonetisation or note ban.
Some people lauded Modi government’s courageous decision while others said this step would only harm the economy of the country.
However, three years after the controversial decision, there is another speculation sparking when a few days ago The New Indian Express reported that the Reserve Bank of India has stopped printing new 2,000 currency notes. The report claimed that the Bharatiya Reserve Bank Note Mudran has not printed any Rs 2,000 note in 2019.
In January, Rs 6 crore in Rs 2,000 was seized near Andhra Pradesh-Tamil Nadu border. More than Rs 50 crore of fake currency has been seized in the last three years.
The Rs 2,000 notes were introduced after the Modi government decided to scrap Rs 500 and 1,000 notes to curb black money and terror financing. The National Investigation Agency said that black notes have resurfaced recently in the country. NIA has accused Pakistan as the main source of the fake currency notes.