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RBI stops printing of Rs 2000 note; accelerates production of Rs 200 notes – Know how it will affect you

New Delhi: The Reserve Bank of India (RBI) has stopped printing of Rs 2000 notes while it has shifted its focus on other denominations like the new 200 rupee notes, as per a report in the LiveMint.

RBI had “stopped printing Rs 2000 notes about five months ago and is unlikely to print more in the current financial year,” the LiveMint report said.

The report, quoting other sources said, “RBI’s printing press in Mysuru has also started printing the new Rs 200 notes, which are likely to come into circulation next month”.

The central bank had reportedly decided to bring in Rs 200 notes in March after consulting the finance ministry, they said. The notes are going through multiple checks for security and quality at government printing presses.

The shortage of currency notes was trigged by the scrapping of high-denomination bills last year.

In a surprise announcement, Prime Minister Narendra Modi announced scrapping of old notes of Rs 1,000 and Rs 500 notes, wiping out over 85 percent of the cash in circulation.

The move was aimed at checking black money, counterfeit notes and terror financing.

Pradhan Mantri Garib Kalyan Yojana (PMGKY) launched following the closure of 50-day demonetisation period did not draw a good response with only Rs 5,000 crore unaccounted income being declared under the amnesty scheme.

The scheme was launched in December last year to enable people with black money to come clean by paying tax and penalty of 50 percent.

Will the halt in production of Rs 2000 notes affect you?
The legality of the tender will not be impacted whether or not fresh notes are produced. True, RBI has stopped the printing of new Rs 2000 notes, but they still remain legal and it is not going out of circulation.

Meanwhile the introduction of the Rs 200 notes is aimed at easing the pressure on lower-denomination currencies that are in short supply.

Source

Published On : 27-Jul-2017

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