What has led to 13% fall in circulation of ₹2000 currency notes?

RBI Scales Down Printing of Rs 2000 Currency Note to 'Minimum'

"We have more than adequate notes of Rs 2000 in the system with over 35% of notes by value in circulation being of Rs 2000", economic affairs secretary Subhash Chandra Garg said.

The printing of Rs 2,000 currency note has been stopped and it will slowly be taken out of circulation, reports suggest. A year after, on 31 March 2018, there was only a marginal increase in that number to 3,363 million pieces.

Denying reports that the Reserve Bank of India (RBI) had stopped the production of Rs 2,000 currency notes, the finance ministry today said printing was planned according to the projected requirement.

The share of the Rs 2,000 notes in the total currency in circulation has come down as well: In March 2018, it was recorded at 37.3 per cent, a fall of almost 13 percentage points from 50.2 per cent as of March 2017.

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Since the Prime Minister had argued that withdrawing the high value currencies would make it hard for people to hoard cash, critics had asked how it squared up with issuing notes carrying double the value. The total value of such notes translates into Rs 15,787 billion.

It's up to the RBI to sustain within the margin of the new notes available and Rs 2000 notes going out of the market might not be a good sign for the foreign institutional investors.

During the same period, the income tax department seized massive amounts of Rs 2,000 notes.

Soon after the ₹2,000 note-the highest denomination in circulation currently-was introduced in November 2016, TV channel ZEE informed viewers that the banknotes had "state of art nano Global Positioning System chips".

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As of March 2018, the total currency in circulation was Rs 18.03 lakh crores. The remaining was in the lower denominations.

The high-value currency was introduced in November 2016, when the government scrapped the old 500/1000 bank notes.

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