Govt restricts printing of Rs 2,000 notes to restrain money laundering

Jan 04 2019 09:08 AM
Govt restricts printing of Rs 2,000 notes to restrain money laundering

New Delhi: Nearly after 2 years of movement, the PM Modi led government has stopped the printing of Rs 2,000 currency notes in order to hold back money laundering and tax evasion. Reports suggested that However, this does not mean that Rs 2,000 notes will become void.  Reports said that the high-value currency note will be slowly but surely phased out in the longer run.

Worth mention here the Rs 2,000 currency notes made its debut soon after Prime Minister Narendra Modi announced a demonetarization with a ban on Rs 500 and Rs 1,000 notes, which  eradicated 80 per cent of the currency in circulation.

The PM Modi led government and Reserve Bank of India (RBI) take a call on the volume of currencies to be printed on the basis of money in circulation.

“When the Rs 2,000 note was launched, it had been decided that the printing would be ‘scaled down’, since the new high currency value note was meant for ‘demonetization’, “news agency PTI quoted a ministry official as saying.

 But till the time there is no official confirmation over the same from either RBI or the currency-issuing agency. As per the RBI data, there were 3,285 million Rs 2,000 notes in circulation in March, 2017. However, this number a little bit climbed up to 3,363 million by March 2018. 

© 2019 News Track Live - ALL RIGHTS RESERVED