Not a single 2000-rupee note has been printed in the financial year 2018-19, the Reserve Bank of India (RBI) has informed an English daily in reply to a Right To Information (RTI) inquiry.
The development surfaces three years after India's central bank introduced the 2000-rupee note, following the Centre's decision to scrap the high-denomination notes of Rs 500 and Rs 1000.
“Possibly, removing high-value notes from circulation makes it difficult to have too many black money transactions. But, it’s a better policy than demonetisation, which was very disruptive. Here, you are not disrupting anything. You are simply withdrawing circulation,” The New Indian Express quoted economist Nitin Desai as saying.
Desai added that many European countries had done the same before and since the value of total circulation was being maintained and there won't be much of a problem.
According to RBI's reply, the English daily reported that 3,542.991 million notes of Rs 2,000 were printed during the financial year 2016-17.
In the following year, however, there was a significant reduction in printing with only 111.507 million notes being produced. The number of notes came down further to 46.690 million notes in the year 2018-19.
There were reports earlier this year that RBI had stopped printing the 2000-rupee notes but the government had vehemently denied it.