Modi govt didn’t print Rs 2000 notes in 2019-20; Has no plan to stop circulation

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Updated: March 16, 2020 6:29 PM

Rs 2000 banknotes of the value of Rs 7.4 lakh crore have been printed and supplied so far.

Modi Government's big decision: MSMEs now can avail loan from Non scheduled urban co-operative banks and district central co-operative banks alsoImage: Reuters

Wondering whether the Union government is planning to stop printing or discontinue the circulation of Rs 2000 notes? Well, the government didn’t issue any order to the presses for printing of Rs 2000 denomination notes in the current Financial Year. However, the government has not taken any decision to stop the printing of Rs 2000 notes, Minister of State for Finance Anurag Thakur said this in a written reply to a query in Lok Sabha today. In answer to another query, Thakur also said that there is no proposal of the Government for withdrawal of Rs 2000 currency notes from circulation.

Replying to a query on whether the Government has stopped the printing of new Rs 2000 currency notes, Thakur said, “Printing of banknotes of particular denomination is decided by the Government in consultation with RBI to maintain desired denomination mix for facilitating transactional demand or public. No indent was placed with the presses for printing of Rs 2000 denomination notes for 2019-20. However, there is no decision to discontinue the printing of Rs 2000 banknotes.”

According to the minister’s statement, Rs 2000 banknotes of the value of Rs 7.4 lakh crore have been printed and supplied so far. Till 5th March 2020, the total face value of banknotes of Rs 2000 denomination in circulation and currency chests was Rs 5.49 lakh crore and Rs 0.93 lakh crore respectively.

SBI, Indian Bank reconfigure ATMs for Rs 500, Rs 200 notes

Thakur said that because of higher circulation of currency notes of Rs 500 and Rs 200 denominations and inconvenience faced by the customers in exchanging Rs 2000 currency notes, State Bank of India and Indian Bank had issued instruction to their field functionaries to reconfigure the ATMs for currency notes of Rs 500 and Rs 200 denominations.

Total Rs 10, Rs 20, Rs 50, Rs 100 in circulation

As on 5th March 2020, the total volume of currency notes of Rs 10, Rs 20, Rs 50 and Rs 100 in circulation was:

  • Rs 10: 30510.79 million pieces
  • Rs 20: 8309.84 million pieces
  • Rs 50: 8556.84 million pieces
  • Rs 100: 19624.77 million pieces

Thakur said that the quantum of banknotes that needs to be printed depends on “the requirement for meeting the demand for banknotes due to inflation, GDP growth, replacement of soiled banknotes and reserve stock requirements.”

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