However, the reduction in printing of Rs 2,000 notes does not mean they will become invalid.
Opposition parties had criticised the introduction of these notes as a higher denomination note would only make it easier for people to hoard money.
The RBI, India's central bank and currency-issuing agency, did not respond to an email from ThePrint seeking comment.
Launched on November 2016 following the shocker of an announcement from Indian Prime Minister Narendra Modi demonetizing 500 and 1000 rupee notes, the 2000 rupees notes printing has been stopped now as per reports.
Soon after the sudden decision to ban old Rs 500 and1000 currency notes by the government, the Reserve Bank had come out with the Rs 2000 currency note along with a new look Rs 500 note as part of its massive remonetisation exercise.
The government has reportedly stopped printing Rs 2,000 notes in an attempt to reduce their circulation. The remaining is in lower denominations. The government suspected that the cash may have been hoarded ahead of state elections and in the aftermath of the Nirav Modi scam. This comes amid reports that the currency notes are being phased out.
The critics included bankers, with Uday Kotak, the managing director of Kotak Mahindra Bank, questioning the government's move to bring in Rs 2,000 notes while phasing out Rs 1,000 notes. A year later (on March 31, 2018), there was only a marginal increase in the number at 3,363 million pieces.
There have been indications of phasing out the Rs 2,000 note.
As of March 2018, Rs 6.73 lakh crore - 37% of the total value of currency in circulation - was in the Rs 2,000 denomination.
"Printing of notes is planned as per the projected requirement".