The Reserve Bank of India (RBI) Annual Report said the total amount of 2,000 INR currency bills in circulation has fallen from 33,632 lakh pieces at end-March 2018 to 32,910 lakh pieces end-March 2019. The number of bills further dropped to 27,398 lakh pieces at end-March 2020.
The number of pieces of Two thousand INR denomination notes composed 2.4 percent of the total proportions of notes at March 2020, down from 3 percent at March 2019 and 3.3 percent in March 2018. The share has dropped to 22.6 percent at March 2020 from 31.2 per at March 2019. Notably, the share value was at 37.3 percent in March 2018.
RBI’s annual report (1) disclosed the currency notes of 2000 were not printed in 2019-20, and the circulation of these notes has declined over the years. On the other side, over the three years beginning 2018, the distribution of the currency denomination of Rs 500 and Rs 200 had gone up considerably in both terms of value and volume.
The report also Revealed Many other Facts.
The RBI report disclosed that no fresh supplies for the 2000 INR bills were made by Security Printing and Minting Corporation of India Limited (SPMCIL) (2) and Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) (3). Moreover, the indent of banknotes for 2019-20 was lower by 13.1 percent than that of a year ago.
It said, the outbreak of COVID-19 and the evolving lockdown caused main disruptions in the supply of banknotes during 2019-20 and lowered it by 23.3 percent than in the previous year.
During 2019-20, several Fake Indian Currency Notes (FICNs) were detected. Of the total FICNs detected in the banking sector, 4.6 percent were detected at Reserve Bank and 95.4 percent by other banks, the report said. A total number of 2,96,695 pieces of counterfeit notes were discovered.
The RBI also said it had undertaken various initiatives to introduce enameled banknotes in Rs 100 denomination on a field trial basis. However, printing these notes has been delayed due to disruptions caused by the COVID-19 situation and certain other developments.