Government Of India is doing everything to curve down the black money in the country. In order to do so, they scraped the larger notes of Rs. 1000 and Rs. 500 on 8th November 2016, which created a huge uproar in the country. However, the government introduced an even larger note of Rs. 2000 along with the new Rs. 500 note.
Rs. 2000 note has been in circulation for over a year. Now, there are reports suggesting that it might also get scrapped. According to a report of India’s largest bank SBI, the consumer is finding it difficult get to the change of Rs. 2000 notes in the market. Therefore, RBI has started slowing down the printing of new Rs. 2000 notes gradually. This also means that the share of small currency note may rise up to 35 percent in the total currency.
One can also understand the news by looking at the report of Dr. Soumya Kanto Ghosh, who is the group chief economic Advisor of State Bank of India. The report suggests that the RBI has printed Rs. 2000 note of value Rs. 14,78,700 Crore. Among which Rs. 13,32,400 worth notes are in circulation. This means that the notes worth Rs. 2,46,300 Crore have not been circulated in the market. In the meantime, RBI is also printing the new note of RS. 50 and Rs. 200.
If we look at these reports, we might think that Rs. 2000 note can get scrapped. However, no official announcements have been made by the government. So, we can’t say any more. Keep visiting this space for latest updates.
