Rumors of the 2000 note being circulated on Gahe Begahe social media. It was said that the government is now preparing to gradually take out 2 thousand notes. The news also came that not all banks have decided to put 2000 notes in ATMs. In the midst of all this, the Reserve Bank of India released a report on Tuesday, stating that new notes of two thousand rupees were not printed in the financial year 2019-20 and the circulation of two thousand notes has also decreased during this period.
Only 2.4 percent share in circulation
According to the central bank’s 2019-20 report, 33,632 lakh notes of two thousand were in circulation at the end of March 2018, this number decreased to 32,910 at the end of March 2019 and further to 27,398 lakh at the end of March 2020. According to the report, the share of 2000 notes in total currencies in circulation decreased to 2.4 percent by the end of March 2020. It was 3 percent at the end of March 2019 and 3.3 percent at the end of March 2018.
500 and 200 rupee notes are the first choices of people
According to the data, the share of two thousand notes declined to 22.6 percent of the total notes in circulation by March 2020. It was 31.2 percent at the end of March 2019 and 37.3 percent at the end of March 2018. According to the report, the circulation of 500 and 200 rupee notes increased significantly during this period. The circulation of 500 and 200 rupee notes increased both in value and number.
The report stated that in 2019-20, no order was placed for the printing of two thousand currency notes. Reserve Bank of India Note Mudran Private Limited (BRBNMPL) and Security Printing and Minting Corporation of India Ltd. (SPMCIL) No new supply of two thousand notes were made. Orders for banknotes were down 13.1 percent from a year earlier, in the ended financial year.
According to the report, the supply of banknotes in 2019-20 was also 23.3 percent less than a year. The main reason for this is attributed to the Kovid-19 epidemic and the ensuing lockdown. In the year 2019-20, orders for printing of 1,463 crore notes of 500 were made, whereas the supply was only 1,200 crore. Earlier, in 2018-19, there were 1,169 crore notes printing orders and supplies of 1,147 crore notes.