The ministry of finance has today denied the reports that the Reserve Bank of India (RBI) had terminated the production of Rs 2,000 currency notes.

Economic Affairs Secretary Subhash Chandra Garg, on Twitter, said “Printing of notes is planned as per the projected requirement. We have more than adequate notes of Rs 2,000 in the system with over 35% of notes by value in circulation being of Rs 2,000.”

He also claimed that no decision has been taken regarding the Rs 2,000 note production. Earlier two media reports came out yesterday, with one citing that in order to stop the hoarding, tax evasion and money laundering the government has decided to stop the printing of the high-value currency note.

Another report, from PTI, stated that the printing of Rs 2,000 banknote has been brought down to the minimum since its introduction in November 2016, following demonetisation. According to RBI data, there were 3,363 million pieces of Rs 2,000 notes in circulation at the end of March 2018. Of the total currency in circulation, Rs 2000 notes account for 37.3 per cent of the currency as of March 2018.

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