Mangaluru: Shortage of Rs 2000 notes in market - Who is keeping them?


Daijiworld Media Network

Mangaluru, Jul 21: A sudden drop in the supply of Rs 2,000 currency from the Reserve Bank of India has given rise to the speculation that this could be a deliberate strategy to limit the supply of the notes.

Nearly eight months after Rs 1000 and Rs 500 was blacklisted, and new currency notes were introduced, the country is still reeling under the post demonetisation impact. The current shortage in the Rs 2,000 currency notes has bankers and ATM operators grappling for cash.

State Bank of India’s Chief Operating Officer Neeraj Vyas was quoted saying, “Presently we are receiving currency notes from the Reserve Bank in the denomination of Rs 500 in high-value currency. The Rs 2,000 denomination notes are coming over the counters by way of recirculation.”

Vyas adds there is shortage of Rs 2,000 notes in cities such as Patna, Kolkata and across the Andhra-Telangana region and could be due to fast and high usage of cash as well as hoarding.

Ravi Goyal, Managing Director of AGS Transact Technologies confirms that there is a definite shortage in supply of Rs 2,000 notes. However, RBI is ensuring that there is no cash crunch by pumping Rs 500 notes, he says. Goyal’s company manages around 60,000 ATMs in the country on behalf of banks.

According to bank analysts, the RBI rushed to print Rs 2,000 notes to manage the cash crunch immediately after demonetisation in November 2016. However, now it has reached a limit and RBI is not comfortable to print more. Hence, now they will be concentrating on printing lower denomination currency such as Rs 500 and maybe even Rs 200.

Managing director of Hitachi Payment Services Loney Antony reveals analysis done by his company based on RBI data. “There are more numbers of Rs 2000 notes in circulation compared to Rs 500. However, the currency in circulation has not yet reached pre-demonetisation levels,” he says.

The Latest RBI data shows the currency in the market was Rs 14.5 lac crore as of June 23, against the Rs 17 lac crore before November.

  

Top Stories

Comment on this article

  • Richard Noronha, Belman

    Sat, Jul 22 2017

    To know the actual shortage of 2000 rs note to investigate .Mr Modi need to take one more world tour. Trumph has forgot to mention welcome during modi visit to USA

    DisAgree [1] Agree [3] Reply Report Abuse

  • Rita, Germany

    Sat, Jul 22 2017

    where will the new notes go?certainly some people have already kept a stock for "bad days " They will comeout immediately when someone starts the rumour of Govt is thinking of demonetization of Rs.2000 notes.Everyone will rush to bank or putout the notes.So silly to hoard currency notes.Day by day it will loose the value.

    DisAgree [3] Agree [7] Reply Report Abuse

  • ca girishkk, m'lore/dxb

    Fri, Jul 21 2017

    Everyone must read Narendra Kumar/M'lore's comment below..,

    It is worth reading ....., currently the govt is engaged in marketing - gau matha..., ghar wapsi..., char bachche..., make in Hindustan ...., growth..., development...., etc., etc., but in reality., nothing is happening at ground level...,

    jh

    DisAgree [7] Agree [18] Reply Report Abuse

  • Jenifer, Mangalore

    Fri, Jul 21 2017

    If the currency notes are not coming into circulation, no doubt they are hoarded as black money. The question is, by who ! How come the trace-ability chip is not glowing to tell where the stack is ? Secondly, since they are recently issued, their serial number should be in circulation. Why RBI can't figure out which series of number stopped from repeating its use and to who it was last issued ?

    What kind of system is this that got introduced for public use without proper study ? Didn't they know that the bigger the notes are, the easier it is to hoard them in huge sums ?

    DisAgree [1] Agree [10] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Fri, Jul 21 2017

    Rs. 2000 notes are going to be demonetized very soon ...

    DisAgree [2] Agree [18] Reply Report Abuse

  • Af,,, Mangalore

    Fri, Jul 21 2017

    Election pe kaam ayenge jama karke rakha hai,

    DisAgree [5] Agree [21] Reply Report Abuse

  • Thyampanna, Mangalore

    Fri, Jul 21 2017

    I have 10 notes with me.

    DisAgree [3] Agree [16] Reply Report Abuse

  • H Kunder, Mangalore

    Fri, Jul 21 2017

    If you don't want it, give it to me.

    DisAgree [3] Agree [35] Reply Report Abuse

  • SMR, Karkala

    Fri, Jul 21 2017

    Zee News’s Sudhir Chaudhury, who had looked very closely at all the WhatsApp messages across his various groups, seemed to have an answer.

    In the video, Chaudhury said that the new note would come with special “nano GPS chips” or “NGC” technology, that would allow the currency to be traced wherever it is – including deep under the earth. According to Zee, and innumerable forwards from supporters of the Bharatiya Janata Party, the NGC technology would mean that any piles of the new notes could easily be identified by satellite, even if they have been buried.

    GPS-enabled Rs 2,000 note it hasn't been awarded UNESCO's 'best currency', but it does deserve awards. India's space programme has launched record number of satellite. When so many satellite hovering above our heads how does newly printed not vanish?

    RBI is yet count the 'denotified' currency which the PM Modi's government has scrapped. Now Rs.2000 notes are also vanished. Is all new currency went Eshwarappa cash counting machines?
    Jai Hine

    DisAgree [5] Agree [29] Reply Report Abuse

  • mahesh, Mangalore

    Fri, Jul 21 2017

    There is no Nano-chip.
    There was no award in UN.
    It was all fake news.

    DisAgree [1] Agree [26] Reply Report Abuse

  • mahesh, Mangalore

    Fri, Jul 21 2017

    it will be a good move if they remove 2000 rs note from the market.
    will lead to less hoarding.
    anyway, there is already a law that anything above 2,00,000 cannot be transacted in cash.
    2
    introduction of 2000 note was only a stop gap measure.

    DisAgree [4] Agree [15] Reply Report Abuse

  • G R PRABHUJI, Mangalore

    Fri, Jul 21 2017

    Wifth draw Rs2000/ notes and introduce Rs 1000/ notes all the notes will come out. It is man made shortage.

    DisAgree [2] Agree [23] Reply Report Abuse

  • Narendra Kumar, Mangalore

    Fri, Jul 21 2017

    This present Government and RBI(director) both failed miserably since they brought demonetization into effect.

    It will have cascading effects on Indian Economy in the years to come and in reality the picture is 'Crystal Clear' to the general public and the the entire world in particular.

    But our present great F.M(Finance Minister) Mr. Arun Jailtley(Jootly!) and the present RBI Governor doesn't accept their failures and they think themselves that they both are the genius!

    Nobody in NDA government can match Dr. Manmohan Singh and Mr. Chidambaram's caliber.
    Be it economical or social. They were working for building India and sadly today our Finance Minister and Home Ministers have no clue on what is the ground reality of Indian economy and our relationships with our bordering nations.

    Both are sleeping!

    DisAgree [19] Agree [80] Reply Report Abuse

  • Amith, USA

    Fri, Jul 21 2017

    EXACTLY!!!! 100% CORRECT OBSERVATIONS!!!!!

    DisAgree [7] Agree [32] Reply Report Abuse

  • Af,,, Mangalore

    Fri, Jul 21 2017

    Comedy times from RBI ,

    DisAgree [6] Agree [35] Reply Report Abuse

  • PINTO, Qatar

    Fri, Jul 21 2017

    First time in 70 years Jossey...?

    DisAgree [5] Agree [44] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Fri, Jul 21 2017

    Ra. 1000 note was desired by the market.
    Rs. 2000 was ordered by Ambani, Adani & Ramdev ...

    DisAgree [13] Agree [64] Reply Report Abuse

  • H Kunder, Mangalore

    Fri, Jul 21 2017

    Good that is has suddenly become less, actually everyone is fed up with the new 200 0 rupees notes.

    DisAgree [6] Agree [27] Reply Report Abuse

  • J.F.D SOUZA, Attavar, Mangalore

    Fri, Jul 21 2017

    Not only who? Why they are keeping the notes? Investigate.

    DisAgree [1] Agree [45] Reply Report Abuse


Leave a Comment

Title: Mangaluru: Shortage of Rs 2000 notes in market - Who is keeping them?



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.