After demonetization in 2016, the government introduced the 2000-rupee pink note to quickly increase the amount of currency available in the market; nevertheless, demand to withdraw it has now begun.
Sushil Kumar Modi, a Rajya Sabha member from the Centre’s ruling party and a former finance minister of Bihar, is the one who made this demand.
Sushil Modi claimed that the Rs. 2000 note had turned into black money at Zero Hour in the Rajya Sabha.
According to him, the public should be given three years to adjust before the government gradually discontinues the Rs 2000 note.
The unusual sight of a pink note
In reality, the Modi government announced the cancellation of the old 1,000 and 500 rupee notes on November 8, 2016, which was exactly 6 years prior. After demonetization, RBI brought a Rs 2000 note to inject cash into the economy.
But it is currently uncommon to see an Rs. 2000 note. There is speculation that Rs 2000 notes would no longer be accepted as legal tender in the market because they are rarely pulled from ATMs.
There is a stockpile of 2000 rupee notes. Even after the demonetization, fake Rs 2000 notes have entered the market.
No new Rs 2,000 notes were printed after 2018–19.
Where the pink Rs. 2000 notes go, is the concern. Therefore, Pankaj Chaudhary, the minister of state for finance, informed the Parliament in December 2021 at the winter session that no new orders had been placed for printing Rs 2,000 notes from 2018–19.
The printing of Rs 2,000 notes has stopped since 2018–19, which is why there are fewer Rs 2,000 notes in circulation, according to the explanation given for the decline in their use.
decreased use of the Rs 2000 note
The RBI had also acknowledged that the country’s use of Rs 2,000 notes had drastically decreased.
The share of Rs 2,000 notes in the total currency circulation in 2020–21 was 17.3%, according to the RBI Annual Report for the year 2021–22, but it is presently just 13.8%. Rs. 5,47,952 worth of Rs. 2000 notes were in circulation in 2019–20, making up 22.6% of all notes.
In 2020–2021 it decreased to a value of Rs 4,90,195 crore, and in 2021–2022 there were only Rs 4,28,394 crore worth of Rs 2,000 notes in circulation overall.
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