2,000 currency notes are likely to be discontinued from the country's currency system soon. This is because the printing of Rs 2,000 notes has been stopped. Meanwhile, the Reserve Bank of India (RBI) has gradually started withdrawing Rs 2,000 notes from the currency system. The RBI has announced that no new Rs 2,000 notes will be printed in the financial year 2021-2022. Even last year, the RBI did not print new Rs 2,000 notes. The RBI has given this information in its annual report. The report was released on May 26, 2021.
After demonetization, Rs 2,000 note was introduced in India in 2016. But as it is a large denomination note, the risk of this counterfeit currency entering the market is also high. According to the RBI's annual report, total paper cash declined by 0.3 per cent to 2,23,301 lakh units in FY2021. In terms of value, 2,000 notes worth Rs 4.9 lakh crore were in circulation in March 2021, compared to Rs 5.48 lakh crore in March 2020.
Less than 2,000 notes in 3 years
According to the RBI report, there were 336.3 crore notes in the system in March 2018, but on March 31, 2021, the number has come down to 245.1 crore. This means that 91.2 crore notes have been withdrawn from the currency system in the last three years.
More than Rs 500 notes in circulation
As on March 31, 2021, Rs 500 and Rs 2,000 notes accounted for 85.7 per cent of the total bank notes in circulation, according to the RBI report. By the end of March 31, 2020, the figure was 83.4 percent. As per the norms, the share of Rs 500 notes in circulation as on March 31, 2021 was the highest at 31.1 per cent.