After the somewhat disastrous move, Demonetization, it looks like another one is on its way, which being that the printing of Rs. 2000 notes will eventually be put to a stop by the Reserve Bank of India (RBI), as per reports by LiveMint. But in order to better out the situation, sources have told the e-paper that the RBI is also printing new denominations, such as the Rs. 200 note.
With the demonetization move by the Narendra Modi government, as per reports, a total estimate of 3.7 billion Rs. 2000 notes, which amounts to Rs. 7.4 trillion has been printed so far. This is more than the amount of Rs. 1000 notes that were withdrawn during the Demonetization move as brought on the 8th November 2016. And though the new notes are being printed, the amount of Rs. 500 notes seem to be in higher numbers, as per the source that informed LiveMint about this move.
And while the country was seen in a state of emergency for notes during the demonetization move, in spite of having surpassed more than 6 months, there still seems to be a deficit in the amount of Rs. 2000 notes in banks and ATMs. Though that isn’t a problem throughout the country, there are a few places where the unavailability of the Rs. 2000 notes are high.
Confirming this is Neeraj Vyas, Chief Operating Officer of State Bank of India, when he told Economic Times that the bank was now receiving Rs. 500 notes at large, and that the Rs. 2000 notes that were coming in were through recirculation over the cash counters at the banks.
Here is a picture of a Rs. 200 note that is currently being circulated on social media platforms. Whether or not this is real or fake is something only time will tell.
Though the Rs. 2000 note was a brilliant move to curb corruption and black money, it eventually turned out to be a major struggle for the common man, as it was nearly impossible to get change for the same from everyday outlets. And with the Rs. 500 notes being circulated at higher numbers, it has been much easier for the common man. “The overall supply is fine as banks are giving out sufficient Rs 500 notes which are more convenient for the user”, said Ravi Goyal, managing director of AGS Transact Technologies.
Considering the overall confusion over the Rs. 2000 notes during the Demonetization move, it looks like that the RBI will be focusing more on the printing of Rs.500 notes and the to be introduced Rs. 200 notes, considering the fact that it would not be possible for the RBI to print the Rs. 2000 notes at such high volumes.
