Rs 2,000 notes currently constitute only 22.6% of the total value, as against 37.3% in 2018 and 31.2% in 2019, said RBI's 2019-20 annual report
Guwahati: According to the 2019-2020 annual report of Reserve Bank of India (RBI), it looks like it is phasing out the Rs 2,000 currency note.
Introduced in 2016 after India announced demonitisation and called back the then Rs 500 and Rs 1,000 currency notes, the Rs 2000 currency was not printed at all during the year 2019-20. Meanwhile, the circulation of Rs 500 notes increased sharply.
Rs 2,000 notes currently constitute only 22.6% of the total value, as against 37.3% in 2018 and 31.2% in 2019. The fall in number of Rs 2,000 notes in circulation is in line with the fall in orders for printing Rs 2,000 notes.
According to reports no indent was placed with the presses for printing of Rs 2,000 denominatiion notes for 2019-20.
Meanwhile, RBI also disposed of 176.8 million pieces of soiled Rs 2,000 in 2019-20, against 1 million Rs 2,000 notes which were disposed of in 2018-19 and no Rs 2,000 notes were disposed of in 2016-17 or 2017-18.
There is no confirmation on the discontinuation of Rs 2,000 note.