These could be the reasons behind Rs 2,000 note being out of circulation
Chennai (IANS) | Factors like increase in counterfeiting of Rs 2,000 denomination bank notes, people preferring lower denomination notes could also be the reasons for the Reserve Bank of India (RBI) announcing a gradual withdrawal of that note. According to RBI’s Annual Report for FY 2022, during FY 2020, 17,020 fake notes of Rs 2,000 denomination were detected and in FY 2021 the number came down to 8,798, but in FY 2022 the number suddenly increased to 13,604 happened.
Significantly, the RBI had stopped printing Rs 2,000 notes during the financial year 2019.
According to a report in 2020, the central bank spent Rs 3.54 on printing a Rs 2,000 note.
On Friday, the RBI had announced the withdrawal of Rs 2,000 denomination banknotes in a phased manner.
According to a survey conducted by the Reserve Bank of India, Rs 100 notes were most liked, while Rs 2,000 was the least liked by people.
According to RBI’s annual report, Rs 4,984.80 crore was spent on printing currency notes in FY2012, as against Rs 4,012.09 crore spent during FY21.
RBI issues Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500 and Rs 2,000 notes. The coins in circulation include 50 paise and Rs 1, Rs 2, Rs 5, Rs 10 and Rs 20.
The 1 rupee note is issued by the Ministry of Finance, Government of India.
–IANS
