When did you last see a 2000 Rupee note? Perhaps a very long time ago. Consider now why this might have happened. Yes, the cause of this has finally become clear. Actually, for the past three years, not a single note worth Rs 2,000 has been issued. In such a situation, this note (2000 rupee note) is not equal in circulation. This has been revealed in a response sought under a Right to Information (RTI) filed by the news agency IANS.
The RBI aimed to immediately remonetize the economy. The outlawed Rs. 500 and Rs. 1,000 currency notes made up more than 80% of the total value of notes in circulation at the time demonetization was announced. Even with the currency presses at the RBI running nonstop, it was impossible to replace such a big number almost immediately.
How many notes of Rs. 2000 were printed in the past three years:
No new Rs. 2,000 notes were printed in 2019–20, 2020–21, or 2021–2022, according to RTI. In the fiscal year 2016–17, RBI Note Mudran (P) Limited produced 3,5429.91 crore notes with a face value of Rs 2,000. Following this, just 466.90 crore notes (2000 rupee notes) were printed in 2018-19, down from a very low 1115.07 crore notes printed in 2017–18.
The sharp increase in the quantity of fake currency:
In 2015, the RBI released new banknotes bearing a new numbering scheme in all denominations of the Mahatma Gandhi Series-2005. The general public may quickly differentiate false currency from genuine currency thanks to the Visible Security function. The majority of fake money (two thousand rupee notes) discovered in the financial system was of low quality, and no significant security measures were violated.
According to NCRB data, the amount of counterfeit Rs 2,000 notes recovered in the nation climbed significantly between 2016 and 2020, from 2,272 to 2,44,834 pieces, according to a recent government response in the Parliament.
According to the report, there were 2,272 fake Rs 2,000 notes found in the country overall in 2016, 74,898 in 2017, 90,566 in 2019, and 2,44,834 in 2020, a significant increase. The central bank ceased printing the Rs 2,000 in 2020, according to the RTI response.
The Reserve Bank of India gives banks various guidelines to stop fake currency. The central bank routinely organizes training seminars on spotting counterfeit notes for employees/officers of banks and other institutions handling large sums of cash, according to the RTI.
