RBI stops ₹2000 note printing | Fusion - WeRIndia

RBI stops ₹2000 note printing

RBI stops ₹2000 note printing

A business daily report has announced that the Reserve Bank of India (or RBI) has now stopped printing the ₹2,000 notes. This move is part of the same currency recirculation process that began with the demonetization of the ₹500 and ₹1,000 notes in November of last year.

However, to replace them, the RBI has increased their printing production of the new ₹200 notes, which were released in June.

This will ease the low availability of currency in the country, and begin to fill in the current gap in Indian currency. These new ₹200 notes will be expected to be in circulation by sometime next month.

The business daily announced that the RBI has printed about 3,700,000,000 ₹2,000 notes, which will provide according compensation for the withdrawal of the 6,300,000,000 ₹1,000 notes after their demonetization in November.

For now, the ₹200 notes will fill in the “missing middle” of Indian currency, as said in a report by the State Bank of India (or SBI).

The report has also stated that if the new notes are not released by the end of next month, then they will come out sometime before the end of this year.

The report said that the new currency in circulation (or CIC) has nearly reached a level of 84% of the CIC before the demonetization.

Neeraj Vyas, the Chief Operating Officer of the SBI, has stated that they are now receiving new ₹500 notes from the RBI, while the ₹2,000 notes are only coming for recirculation purposes.

This means that the ₹500 notes may soon be reintroduced to the public, once the market has recirculated accordingly.

Therefore, the Indian economy is definitely showing signs of being on its way to recovery, and it will hopefully be boosted by the introduction and circulation of these new notes.

Image credit: Image by Prasanta Sahoo from Pixabay (Free for commercial use)

Image Reference: https://pixabay.com/it/photos/nota-indiano-rupie-valuta-contanti-4128733/

Leave a Reply

Your email address will not be published. Required fields are marked *