The total currency in circulation amounts to Rs 18,03,700 crore at end-March 2018.New Delhi:The printing of Rs 2,000 banknote, introduced post-demonetisation in November 2016, has been reduced to "minimum" by Reserve Bank, a top finance ministry official said on Thursday.
Soon after shock decision to ban old Rs 500 and 1,000 currency notes by government, Reserve Bank had come out with Rs 2,000 currency note along with a new look Rs 500 note as part of its massive remonetisation exercise.
The senior official said RBI and government from time to time decide on quantum of currency to be printed on basis of money in circulation.When Rs 2,000 note was launched, it was decided that printing would be "scaled down" going forward, since new high-currency value note was meant for meeting remonetisation need."The printing of 2,000 rupee notes has been substantially reduced.
It has been decided to limit printing of 2000 currency notes to minimum.
This is nothing new," official said.According to RBI data, there were 3,285 million pieces of Rs 2,000 notes in circulation at end-March 2017.
A year after (on March 31, 2018), there was only a marginal increase in number at 3,363 million pieces.Of total currency in circulation amounting to Rs 18,03,700 crore at end-March 2018, Rs 2,000 notes accounted for 37.3 per cent, down from 50.2 per cent at end-March 2017.
The old 500 and 1,000 rupee bank notes that were scrapped in November 2016 accounted for around 86 per cent of total currency in circulation at that time.