After the Modi government banned  ₹500 and  ₹1,000 currency notes in November 2016, the  ₹2,000 currency notes were introduced into the market. It was recently decided to withdraw the  ₹2,000 note from circulation. According to the RBI, approximately 181 crores ₹2,000 denomination currency notes are in circulation. The country’s citizens have been asked to replace them by September 30^th, 2023.

Regarding this, Nripendra Mishra, PM Narendra Modi’s Principal Secretary during demonetization in 2016, stated a few days after the Reserve Bank of India announced the withdrawal of  ₹ 2000 notes that PM Modi was not in favor of the  ₹2000 note but reluctantly gave his assent to it. However, demonetization had to be completed in a short period of time. PM Modi never considered the  ₹2,000 note to be a poor man’s note; he understood that the  ₹2,000 note has hoarding value rather than transaction value. PM Modi believed that the effort was to combat black money and that if higher notes were issued, the potential for hoarding would increase. So, the Prime Minister was against it in principle but for practical considerations he reluctantly agreed. When he was told about the capacity to print currency notes and found out that even if two-three shifts were done, the target could not be met. In such a situation, the only option left was to print  ₹ 2000 notes for a limited period. there was no doubt in his mind that  ₹2000 notes should be demonetized in the future if there is enough capacity.

Many of us are wondering if  ₹1,000 notes will make a comeback after the Reserve Bank of India (RBI) announced the withdrawal of  ₹2,000 currency notes from the market. Speaking on the subject, RBI Governor Shaktikanta Das stated that the RBI has no plans to reintroduce  ₹1,000 notes following its decision to withdraw the  ₹ 2,000 denomination from circulation. However, a  ₹500 banknote will be printed based on demand.