What is the actual reason behind RBI stopping 2000 Ruppee notes?
New Delhi sources have stated that the Reserve Bank of India (RBI), which had introduced the new Rs 2,000 notes in the aftermath of demonetization, has now stopped printing this highest currency and instead shifted focus to the printing of smaller bills, including a new Rs 200 currency note.
According to sources the government brought in the Rs 2000 note to quickly overcome the cash shortage during demonetization. However, less small currency in circulation meant people struggled to change the high denomination notes. Aimed at bridging that gap, the central bank has reportedly stopped printing Rs 2,000 notes about five months ago, and quantified printing smaller bills.
Sources have stated that of the printing that's being done currently, about 90percent is of Rs 500 notes. The new batch of Rs 500 notes that will come into circulation shortly is expected to ease the shortage of Rs 2,000 notes in market that is being reported in certain parts of the nation. As per report it was stated that the RBI's Mysore press is separately printing the new Rs 200 bills. Around a billion Rs 200 notes are expected to hit the market next month.