Two years after its launch, India stops printing new Rs 2,000 notes: Report
The
government
of India has stopped printing Rs
2,000 currency notes in order to gradually stop their circulation, ThePrint
reported.
According
to The Print, the decision has been taken on the back of suspicion in the
government that the currency note was being used for hoarding, tax evasion and
money laundering.
The
Rs 2,000 note was introduced in November 2016 after demonetisation. To counter
the massive cash shortage, the government introduced new Rs 2,000 notes.
As
of March 2018, the total value of the currency in circulation was Rs 18.03
trillion, of which Rs 6.73 trillion, or 37 per cent, was in Rs 2,000 notes, and
Rs 7.73 trillion, approximately 43 per cent, in Rs 500 notes. The remaining was
in the lower denominations.
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