It is worth mentioning here that, MoS Finance Pankaj Chaudhary had said last year in December that Rs 2000 notes comprised only 1.75% of total banknotes in circulation.In a written reply to Rajya Sabha, Chaudhary had also said that the Government had stopped placing fresh indent from 2018-19.The printing of banknotes of a particular denomination is decided by the Government in consultation with RBI to maintain desired denomination to fulfil transactional demand of the public.Famous economist Arun Kumar who is regarded as an authority on the economy of black money all over the world called the Government’s decision to stop printing the Rs 2000 denomination note a “knee-jerk reaction”.Talking to NH, Kumar who wrote The Black Economy in India, examining the causes and consequences of black income generation and the possible methods for curbing it, said, “The whole exercise should be seen from a convenience point of view…By stopping high denomination notes, you cannot stop the generation of Black Money”.
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