RBI has stopped printing Rs 2,000 notes in FY20: Report

The printing of the Rs 2,000 note has been stopped, the Reserve Bank of India informed the Indian Express in reply to an RTI query.

In the financial year 2020, the dispensing of Rs 2,000 notes in ATMs have decreased since no new notes are printed by the Bharatiya Reserve Bank Note Mudran, according to the report.

The Bharatiya Reserve Bank Note Mudran Private Limited has not printed a single banknote of Rs 2,000 denomination in this financial year, the RTI replied to the daily. 

3,542.991 million notes of Rs 2,000 were printed during the financial year 2017, the RTI replied, as per the report.

This number dropped to 111.507 million notes printed of the same denomination in FY 2018 and further decreased by more than half, to 46.690 million Rs 2,000 notes in FY19.

The Rs 2,000 notes came into circulation in November 2016, after the overnight ban of older 500 and 1,000 rupee notes.

"The value and volume of banknotes in circulation increased by 17 percent and 6.2 percent to Rs 21.10 lakh crore and 1,08,759 million pieces, respectively, in FY19," RBI said in its annual report in August.

According to the report, the share of the Rs 500 bill stood at 42 percent as of end June 2018, while the same for the Rs 2,000 notes, declined in value to Rs 6.58 lakh crore as of March 2019. Although, on a combined basis, the share of the high value Rs 500 and Rs 2,000 bills was almost stable at 82 per cent.

The annual report points out that there is a 59 per cent rise in retail electronic payment transactions to 23.3 billion.