Where are Rs 2000 notes? 54 crore notes worth 1.09 lakh crores missing from circulation: Claim

If you think that the 2000 denomination notes are seen less and less everyday, you are right. Reserve Bank of India has not printed a single new Rs 2000 currency notes since 2019 as per an RTI reply which indicates that the decision has taken consciously by Govt. of India which in consultation with RBI controls the desired ratio of all the circulating denominations.

However as per claim by a media report 370 crore 2000 notes published in last 6 years from which 102 crore notes has been destroyed. So accordingly 268 notes should be in circulation but as per 2021-22, only 214.2 crore notes are there. So, 54 crore notes of worth Rs. 1.09 L Crore are still missing.

The data shows that since 2016 when the Modi's govt took the step of demonitisation, banned 500 and 1000 currency notes, a total of 370 crore units of 2000 notes were printed. Also around 102 crore units have been destroyed till now as they get soiled and mutilated. Currently 268 crore units should be there in circulation but in the year 2021-22 only 214.2 crore notes were accounted for in circulation, the remaining 54 crore units are missing from circulation worth 1.08 lakh crore rupees.

In a reply to a query in Lok sabha, the central government said that the share of Rs 2000 notes from total Notes in Circulation (NIC) dropped from 22.65% in 2020 to 13.8% by march 2022 whereas the share of Rs 500 notes increased from 29.7% to 73.3% between 2020 and 2022.

Demand for currency depends on various macro-economic factors like economic growth and interest rates, also the digital transactions like UPI affects currency requirements.

The government said that the number of fake currency notes of Rs 2000 denomination that were seized has risen substantially from 2016 and 2020 from 2,272 to 2,44,834 units. More than 90 % of counterfeit notes detected were of low quality and didn't not compromise any major security features.

Given that the RBI has not printed Rs 2,000 notes starting FY20, experts see no reason for the govt to start printing them again, especially as instances of black money seizures continue.

What do you think? the claim of Missing 1.09 lakh crore rupee has how much reality in real?

Report by Davinder pal singh

Graphics by Sanskar Dubey