India stops printing of highest currency notes of 2,000 denomination

Source: Xinhua| 2019-01-04 17:07:38|Editor: mmm
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NEW DELHI, Jan. 4 (Xinhua) -- The Indian government has decided to stop printing currency notes of 2,000 Indian Rupees denomination, the country's highest-valued currency, declaring "more than adequate" stocks of it, said media reports on Friday.

The currency is reportedly around 35 percent of the total money in circulation in the Indian economy.

English daily The Times of India quoted Economic Affairs Secretary Subhash Garg as saying that printing of notes of 2,000 denomination is planned as per the projected requirement. "We have more than adequate notes of 2,000 Indian Rupees in the system with over 35 percent of notes by value in circulation being of 2,000 denomination."

"There has been no decision regarding 2,000 rupees note production recently," he added.

The currency notes of 2,000 denomination were introduced for the first time in Indian economy only two years ago, when in a sudden move on Nov. 8, 2016, Prime Minister Narendra Modi announced demonetization, thereby scrapping the notes of 500 and 1,000 denominations.

Those two denominations accounted for around 86 percent of the total value of the currency at that time, reported the newspaper.

Curbing the flow of black money in the Indian economy was one of the main objectives of demonetization.