‘RBI may either be holding back Rs 2K notes or completely stopped printing of currency’
A State Bank of India report indicates that Reserve Bank of India (RBI) may either be holding back Rs 2,000 notes or could have stopped printing high denomination currency.
This is in sharp contrast to data presented in the Lok Sabha recently with the one provided by RBI in its Annual Report earlier.
According to report, the value of small denomination currency in circulation up to March 2017 was Rs 3,50,100 crore.
This implies that the value of high denomination notes was equivalent to Rs 13,32,400 crore as on December 8 after netting out the small denomination notes from the currency in circulation on that day.
The report further said that as per the Ministry of Finance in the Lok Sabha recently, the RBI has printed 16,957 million pieces of Rs 500 notes and 3,654 million pieces of Rs 2,000 notes as on December 8.
The total value of such notes translates into Rs 15,78,700 crore.
This also means that the share of small currency notes in total currency in circulation now may have touched 35 per cent in value terms, it added. >