Rs 2000 note to go out of circulation soon

New Delhi: The Reserve Bank of India has stopped the printing of the Rs 2,000 currency notes and will not be printing new notes of that denomination for the current financial year, reported Livemint.


RBI officials reportedly told the newspaper that the central bank has also accelerated the process of printing the Rs 200 currency notes. The new notes are expected to start circulating by next month.

According to the official quoted in the report, the Rs 2,000 notes have “more than compensated” for the 6.3 billion Rs 1,000 notes that was demonetised last November.

The RBI is also reportedly printing new batches of Rs 500 notes, which are expected to compensate for the Rs 2,000 notes in circulation.

The cash crunch which existed till two months ago has now eased with RBI increasing supply of Rs 500 notes over the last 40 days. But we have also seen a sharp drop in the supply of Rs 2,000 notes during this period, said Neeraj Vyas, Deputy Managing Director, SBI.

Around a billion Rs 200 notes are expected to hit the market for circulation in the first few months, said a printing press source in Mysuru.