RBI stops minting Rs. 2000 notes to make way for Rs. 200 notes
July 27th, 2017
The Reserve Bank of India has announced the release of
200 notes. To make sure that the people in all parts of India get access to the notes, RBI has decided to print 200 notes in large numbers and in the meantime stop printing notes with 2000 denomination.
The decision to stop 2000 notes was made back in March 2017 by the central bank, after they had a word with the Finance Ministry. The notes are ready as per reports and are going through several scrutinees before they get launched.
At present, 90% of the printing is done focused on 500 notes. “Nearly 14 billion pieces of new 500-rupee notes have been printed so far,” said a mint officer.
The government hopes that people will be able to make transactions far more easily with the availability of the notes of lower denomination. People have truly been facing the currency crunch after the demonetization that was declared since November 2016, when notes of 500 and 1,000 had been withdrawn.