The printing of ₹2,000 banknote, introduced during demonetisation time in November 2016, has been reduced by the Reserve Bank of India (RBI), a Finance Ministry official said on Thursday.
“The printing of 2,000 rupee notes has been reduced. It has been decided to limit the printing of 2,000 currency notes to minimum. This is nothing new,” the official said.
According to the RBI data, there were 3,285 million pieces of ₹2,000 notes in circulation at March-end, 2017. A year after (on March 31, 2018), there was only a marginal increase in the number at 3,363 million pieces.
Of the total currency in circulation amounting to ₹18,037 billion at end-March 2018, ₹2,000 notes accounted for 37.3%, down from 50.2% at end-March 2017.
The old 500/1,000 banknotes that were scrapped in November 2016 accounted for around 86% of the total currency in circulation at that time.