Extinction of Rs. 2,000

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When was the last time you have seen Rs.2000 note ? If so, how many ?

RBI introduced Rs. 2000 notes in 2016 for cash availability during demonetization and stopped printing them by the end of 2018.

The recent RBI annual Report, states that, the volume of Rs. 2000 notes in circulation have been drastically felling from 3 lakhs in 2019 to 2 lakhs volume in 2021. They are trying to get back Rs, 2000 notes very desperately. All this time, it has been known by the public shortage of Rs, 2000 notes and started storing cash in terms of Rs. 2000 notes mostly. There are few articles on 2000 NOTES "The mystery of disappearing Rs. 2000 notes" and "Dying notes". Currently the value of Rs. 2000 notes in circulation are Rs. 17.3 Crores from Rs. 31.2 Crores in 2019. Value of 13.9 Crores value of Rs. 2000 notes have been sucked from the circulation.

At the same time, Rs. 500 notes are at a growth phase of 19.8 lakh to 31.1 Lakh volume of Notes. This volume has been increased due to the reasons, banks are only issuing Rs. 500 denomination while withdrawing, demanding cash during this pandemic and all other allied expenses like medicine, laboratory, etc, which are unorganized, lack of accepting digital payments. The value of Rs. 500 note circulation has been increased from Rs. 51 Crores to Rs. 68.4 Crores.

There is a also reduction in the circulation of Rs. 2, 5, 20, 50, 100 Coins and Notes from the period of 2019 to 2021. The total value of the above denominations has been fell from Rs. 14 Crores to Rs. Rs. 10 Crores. It is a clear sign of people have habituated to use online payment platforms like Paytm, Phonepe for transferring small amounts. This will be a positive cue for the upcoming PaTM IPO. 

However, the point we need to make a note of is Rs. 2000 notes circulation has been reduced at a higher phase than the denominations of Rs. 2,5, 20, 50, 100.

This is a clear sign for the extraction of Rs. 2000 notes from circulation. But, will the circulation will be reduced drastically all the time like demonetization of Rs, 2000 or in a phased manner like not returning the Rs. 2000 to the general public, once it gets deposited in banks. The reason for pulling back Rs, 2000 Notes is to encourage more digital payments and encourage transparency in business through a moment of money through the organized channels like banks.

I have never got a denomination of Rs. 2000 from bank or ATM, while withdrawing money in last 3 years. Did you ?

Location: India

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