No decision taken on Rs 2,000 note production: DEA Secretary

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As per a report by The Print, it has been revealed that Govt. has stopped printing Rs 2000 currency note, and it will be gradually phased out from the circulation.

Amid reports that the Reserve Bank of India has reduced the printing of Rs 2,000 note to "minimum", a top finance ministry official said "no decision has been taken recently", reported news agency ANI.

The RBI's annual report, released in August 2018, showed that only 7.8 crore notes of the Rs 2,000 denomination were added in 2017-18, taking the total number of bills in circulation to 336.3 crore as of March 2018.

When the Rs 2,000 note was launched, it was decided that the printing would be "scaled down" going forward, since the new high currency value note was meant for meeting the remonetisation need. It has been chose to limit the printing of 2000 currency notes to minimum.

The government had to face some flak for introducing a high-denomination Rs 2,000 note right after demonetising the Rs 1,000 note on grounds that it will help hoarding and money laundering, the very practices demonetisation was supposed to end.

During the same period, the income tax department seized massive amounts of Rs 2,000 notes.

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The squeeze in the circulation of the Rs 2,000 notes started some time back.

Why Rs 2000 Currency Is Being Stopped?

"I think we would have had significantly better outcomes, if we had just thought about simple things".

There have been indications of phasing out the Rs 2,000 note.

"The printing of 2000 rupee notes has been substantially reduced".

Notably, on November 8, 2016, Prime Minister Narendra Modi had announced demonetisation of Rs 1,000 and Rs 500 notes as part of an exercise pitched as a crackdown on black money.

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