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. ALSO READ: ATM cash crisis: The silence on Rs 2,000 notes is too loud to miss 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. Read More Business Standard