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Reserve Bank of India stops printing Rs. 2000 notes, says reports

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According to the information given by the report, Reserve Bank of India has stopped printing Rs. 2000 notes that were introduced after Prime Minister Narendra Modi brought demonetization in the country by banning higher currency notes of Rs. 1000 and Rs. 500.

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After India’s neighboring country Nepal has banned Rs. 2000 and Rs. 500 Indian currency notes, there are reports that RBI has stopped printing Rs. 2000 notes and there were reports earlier than this also that newly introduced notes will soon be of no use.

The decision came after there were reports that Rs. 2000 notes are used for money laundering, tax evasion and hoarding while in order to compensate with Rs. 2000 note crunch or shortage RBI has started printing Rs. 500 notes in larger numbers.

The introduction of these notes was criticized greatly by the opposition as a higher denomination note would only make it easier for people to increase corruption instead of flushing out black money.

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