Where have all the Rs. 2000 notes gone?

In its report, the RBI has stated that the circulation of the Rs. 2000 notes has fallen drastically to 17.3 % of overall notes in circulation as of March 2021

Hyderabad: Looks like all the efforts we put into standing in lines to get our hands on the Rs.2000 notes, sometimes even past midnight have gone waste. The Reserve Bank of India, in its Annual Report 2021 stated that printing of Rs. 2000 notes has been stopped and not a single note of the highest denomination has been made since 2019.

In its report, the RBI has stated that the circulation of the Rs. 2000 notes has fallen drastically to 17.3 % of overall notes in circulation as of March 2021. According to the report, the circulation is down to a new low from 37.3% in 2018 and 22.6% percent in 2020.

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The number of Rs 2,000 currency notes in circulation came down from 33,632 lakh pieces at end-March 2018 to 32,910 lakh pieces at end-March 2019 and further to 27,398 lakh pieces at end-March 2020, the RBI Annual Report 2020 said.

What could be the reason:

In its Annual Report for 2020, RBI cited security concerns for halting the print of the highest-denominations. One reason for not resuming production of the notes for the financial year of 2021-22 could be the ease with which higher-value notes can be stored in the form of black money. Ironically enough, the introduction of these highest denomination notes happened with the Central government backing it with claims of the notes being instrumental in curbing hoarding of black money.

One more reason could be the difficulty people face in breaking the higher value notes into change, due to which most choose to go for digital payments.

So the next time you wonder where all the Rs. 2000 notes have gone, remember that they have not been printed in a while! At this rate, do not be surprised if the pink notes gradually disappear from our lives.

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