Printing of 2000 rupee notes has been stopped by RBI and the currency notes have been pulled back from circulation. As per reports, the value of 2000 rupees dropped down to rupees 4.90 lakh crore by March 2021 which earlier was 6.72 lakh rupees.

Around 9120 lakh notes worth 1.82 lakh crore rupees which amounts to 27% have been pulled back from circulation. People are not getting 2000 rupee notes from the ATMs anymore and even the latest annual report of RBI also does not mention anything about these missing notes. This hints towards the likelihood that RBI has actually stopped printing 2000 rupee notes.

It is also being hinted that these notes are hoarded as black money because of their high value. The estimates for black money during demonetization were about rupees 4-5 lakh crore. RBI has also increased the number of low value denominations in the market.

The reports also draw attention to the fact that 500 rupee notes are replacing 2000 rupee notes. The 500 denomination constitutes the highest share followed by 10 rupee notes at 31.1% and 23.6 % respectively.

(source:bt)