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Rs 2,000 notes will be in circulation soon

Banknotes of the denomination of ₹2,000 will be in circulation soon

Policy Pulse
Publish Date: Oct 22 2016 5:47PM | Updated Date: Oct 22 2016 5:47PM

Rs 2,000 notes will be in circulation soon

Bank notes of the denomination of ₹2,000 will be in circulation soon, according to a report. The Reserve Bank of India has very nearly completed preparations for introducing Rs 2,000. 

It would be pertinent to note that here has been no official word on the introduction of new notes either from the RBI or the government. The government, on the advice of the RBI, decides on various denominations of banknotes to be issued, reports an online news portal.
 
The Reserve Bank of India has ensured that the notes have already been printed. The high valued currency will soon be despatched from the currency printing press in Mysuru. The process will be commenced soon reports BuisnessLine.In what can can be called a significant financial move in the wake of a demand from some quarters that notes of ₹1,000 and ₹500 denominations be withdrawn to prevent hoarding of black money, Rs 2,000 notes will soon find circulation. 
 
Now if you think that Rs 2,000 note is the highest valued currency printed and circulated ever, let us inform you that the highest denomination bill printed by the Reserve Bank of India was the ₹10,000 note. The bill was printed in 1938 and in 1954. They were demonetised in 1946 and 1978, respectively. 
 
Data suggests that in value terms, ₹500 and ₹1,000 notes together accounted for 86.4 per cent of the total value of notes in circulation. “During 2015-16, the demand for banknotes and coins remained high notwithstanding the growing shift towards non-cash modes of transactions,” the RBI said in its annual report for 2015-16.