The circulation of Rs 2,000 denomination currency notes has reportedly been put under restrictions by a top public sector bank.
According to a Business Insider report, a big public sector bank has issued instructions to senior management to keep Rs 2,000 notes out of circulation and also not to stock it at the bank's ATMs.
Moneycontrol has not independently verified the report.
However, the bank is still accepting Rs 2,000 notes from individuals making a deposit.
The Reserve Bank of India is yet to clarify the reason behind curbing the circulation of the notes, as per the report.
Recently, a slew of fake note cases has been reported in the country. The National Criminal Records Bureau (NCRB) revealed that 56 percent of all the Rs 2,000 notes seized were fake. This has resulted in a decrease in the production and consequent supply of the denominated notes across the country.
The RBI had in a reply to a Right to Information (RTI) enquiry said the printing of Rs 2,000 currency notes has been stopped since October 2019.
It is expected that the notes will be reprinted with improved security measures and the current notes will be phased out soon.