The Maedi government announced demonetization five years ago and introduced a new currency of Rs.2000. However, now Rs.2000 notes have disappeared from the market. According to the central government, only 1.75 per cent of the Rs 2,000 notes are currently in circulation. Rs 2,000 notes have not been printed for the last three and a half years.
This information was given to Union Minister of State for Finance Pankaj Chaudhary in reply to a written question in Rajya Sabha.
The number of Rs 2,000 currency notes in circulation has decreased to 223.3 crore pieces or 1.75 per cent of total notes in circulation (NIC) in November this year, compared to 336.3 crore pieces in March 2018.
Chaudhary also clarified that since 2018, no order has been given to the printing press for the printing of these notes.
The printing of Note is being discussed by the Central Government with the RBI. This decision is taken to keep the balance of certain notes in line with the practical demands of the people.
"The decrease in circulation of Rs 2,000 note issued after demonetisation is because no fresh indent has been placed for printing of these notes from 2018-19 onwards.
Furhter, notes also go out of circulation as they get soiled/mutilated," he said.
On November 8, 2016, the government had decided to demonetise the then prevailing Rs 500 and Rs 1,000 banknotes to curb black money, among other objectives.
After that Rs 2,000 note and a new series of Rs 500 note were introduced in the market.
As the printing of Rs 2,000 note has been stopped since 2018, it is seen that the use of this note in currency has decreased. In addition, the note is badly damaged or torn.