In November 2021, the number of Rs 2,000 denomination currency notes in circulation (NIC) had come down to 223.3 crore pieces, which is 1.75 per cent of total NIC. This is a sharp fall, compared to 336.3 crore pieces of these notes, which were in circulation in March 2018.
The Rs 2,000 denomination notes were brought in by the government post demonetisation, with the aim of curbing black money, in November 2016.
Giving this detail in Parliament, minister of state for finance, Pankaj Chaudhary while responding to an unstarred question in Rajya Sabha on Tuesday said that printing of bank notes of a particular denomination is decided by the government after consulting the Reserve Bank of India (RBI).
“As against 3,363 million pieces (mpcs) of Rs 2,000 denomination banknotes in circulation on March 31, 2018 constituting 3.27 per cent and 37.26 per cent of NIC in terms of volume and value respectively, 2,233 mpcs were in circulation on November 26, 2021, constituting 1.75 per cent and 15.11 per cent of NIC in terms of volume and value, respectively,” the minister said in the written reply.
Mr Chaudhary added that no fresh indent has been placed with currency printing presses for the Rs 2,000 denomination banknote from 2018-19 onwards. He also said that notes go out of circulation after they get mutilated or soiled.
Following the government’s demonetisation move on November 8, 2016, when it had declared the then prevailing Rs 500 and Rs 1,000 denomination notes invalid, the Rs 2,000 notes and a new series of Rs 500 notes were introduced.