Government ceases to print Rs 2000 notes viewing to retard it's circulation
Source :NewsBharati Date :03-Jan-2019
Mumbai, January 3: After the government’s decision to ban the currencies of Rs 500 and Rs 1000 against the new issue of Rs 500 and Rs 2000 in the month of November 2016, it is today the masses have to strive to digest the news that the Indian Government has stopped printing Rs 2,000 currency notes in order to gradually stop their circulation.
The probable reason for this decision is estimated to be on the backbone of usage of the currency note being used for hoarding, tax evasion and money laundering. The Rs 2,000 note was introduced in November 2016 after demonetisation to counter the massive cash shortage and uproot the invalid savings possessed by the citizens.
As per the statement released by RBI of March 2018, the total value of the currency in circulation was Rs 18.03 trillion, of which Rs 6.73 trillion, or 37%, was in Rs 2,000 notes, and Rs 7.73 trillion, approximately 43%, in Rs 500 notes. The remaining was in the lower denominations.
The Modi government underwent faced heat over the decision as the Opposition alleged that the decision was taken out of the blue without proper planning and motive. Know all about Narendra Modi Political CareerNetworthContactBiography It has been speculated for long that the government would demonetise the Rs 2,000 note. This speculation was at its peak on the first anniversary of demonetisation.