The annual record stated the Rs 2000 denomination notice, delivered for the duration of demonetisation in 2016, become now no longer revealed in any respect for the duration of 2019-2020.
The range of Rs 2,000 forex notes in flow has come down from 33,632 lakh portions on the cease of March 2018 to 27,398 lakh portions at cease of March 2020.
The Rs 2,000 notes constituted 2.four according to cent of the entire quantity of notes at cease-March 2020, down from three.three according to cent at cease-March 2018.
In price phrases additionally, the proportion has got here right all the way down to 22.6 according to cent at cease-March 2020 from 37.three according to cent on the cease-March 2018. It become 50 according to cent in 2017, because the important consciousness that 12 months become on remonetising the economy.
On the alternative hand, the flow of Rs 500 and Rs 2 hundred notes has long gone up substantially, each in phrases of quantity and price over the 3 years starting 2018.
A senior banker advised Deccan Chronicle, “Very clearly, with out demonetisation, the RBI perhaps phasing out Rs 2000 forex notes. We aren't getting any newdeliver of Rs 2000 notes.”
A former banker stated, “There can be a few human beings hoarding Rs 2000 forex notes however they will be few. Banks aren't reissuing Rs 2000 notes and perhaps banks had been advised with the aid of using RBI now no longer to reissue Rs 2000 notes. Also it is clean to calibrate ATMs with decrease forex notes. Rs 500 notes are extra clean to apply and convertible. The global over, the 2000 denomination forex is rare.
Interestingly, the range of banknotes in flow has grown with the aid of using 7 according to cent to 116 billion portions as of March 2020.
As for counterfeit notes, the vital financial institution stated a complete of 2,96,695 portions have been detected for the duration of the preceding monetary 12 months. The range of counterfeit notes of Rs 2,000 detected become 17,020 portions over the past fiscal, down from 21,847 in 2018-19.
The RBI stated the call for for forex began out to boom withinside the wake of heightened uncertainty due to COVID-19 pandemic. The Reserve Bank took a sequence of measures in an effort to meet the improved call for. In addition, notice printing presses, paper generators and banks have been additionally directed to install location a enterprise continuity plan/contingency plan to keep away from any disruption in non-stop deliver of forex.”
