A big question arises about the 2,000 notes, Where are Rs 2,000 notes?
SBI report says RBI either be holding back RS 2,000 notes or could have stopped printing.
SBI Eco-flash report said today, “we observe” that the value of small denomination currency in circulation up to March 2017 was Rs 3,501 billion.
This implies that the value of high denomination notes was equivalent to Rs 13,324 billion as on 8 December, after netting out the small denomination notes from the currency in circulation on that day, it said.
The report said that as per the Ministry of Finance in the Lok Sabha recently, the RBI has printed 16,957 million pieces of Rs 500 notes and 3,654 million pieces of Rs 2,000 notes as on December 8.
“This means that the residual amount of high currency notes (Rs 15,787 billion – Rs 13,324 billion) of Rs 2,463 billion may have been printed by the RBI but not supplied in the market,” said the report.
The government on 8 November last year had announced demonetization of high-value notes, Rs 500 and Rs 1,000, which together accounted for 86-87 percent of the currency in circulation.
The move had led to huge cash shortage and large queues were witnessed at banks for exchange or depositing the scrapped currency.
Not only Rs 2,000 notes, a new version of Rs 500 and Rs 200 notes, for the first time also introduced.
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