RBI stops printing Rs 2000 note: Is the one with you still valid?

Key Highlights:

Sources say RBI stopped printing of Rs 2000 note

Rs 200 note will hit the market soon

Rs 2000 note in your possession remains legal tender

Introduced after demonetisation drive in November 2016, the Reserve Bank of India (RBI) has stopped printing of Rs 2000 notes, a LiveMint report said.

The report further said that the RBI will not be brining any more Rs 2000 notes this year. Moreover, the bank has accelerated production of Rs 200 notes that will hit the market soon.

Rs 2000 notes were introduced in India by the RBI after Prime Minister Narendra Modi-led government decided to demonetise Rs 500 and Rs 1000 notes that constitued 86% of the total currency in circulation to check black money.

The new pink Rs 2000 note was issued in order to remonetise the Indian economy at a fast pace.

Now, with nearly 80% of the currency in circulationg reaching pre-demonetisation levels, the need for Rs 2000 note stands diminished.

"About 370 crore Rs 2,000 notes, amounting to Rs 7.4 lakh crore, have been printed; that more than compensates for the 630 crore Rs 1,000 notes that were withdrawn after demonetisation on 8 November 2016," the report quoted an RBI employee as saying.

Where does this leave with if you have Rs 2000 notes?

The important point to note is that stopping the printing of Rs 2000 notes doesn't mean that they are going out of circulating or stopped being legal tender.

The Rs 2000 note is perfectly legal tender and can be used for your daily transactions.