Banknotes of the denomination of Rs 2,000 will be in circulation
soon.
The notes have been
printed, and despatch from the press have commenced, say sources
HYDERABAD/MUMBAI, OCTOBER 21: Banknotes of the denomination of
₹2,000 will be in circulation soon.
The Reserve Bank of India has very nearly completed preparations
for introducing this new high-value currency, sources said. The notes have
already been printed, and their despatch from the currency printing press in
Mysuru has commenced. The move assumes significance 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from some quarters that notes of ₹1,000 and ₹500 denominations be withdrawn to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.
The highest denomination note printed by the RBI was the ₹10,000
note in 1938 and in 1954. They were demonetised in 1946 and 1978, respectively.
There 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. Big share As of March 2016, the value
of banknotes in circulation was ₹16,41,500 lakh crore, an increase of 14.9 per
cent over the previous year. 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. According to reports, it costs a little over ₹3 to produce a ₹1,000
note, the lowest in terms printing costs as a proportion of value. Printing
notes of smaller denominations is relatively more costly.
(This article was published on October 21,
2016) 
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