2000 Rupees note: RBI's big update on 500 and 2,000 rupee notes, know what it said..
Yesterday, the Reserve Bank of India (RBI) gave big information about the 500 rupee note. RBI said that the share of 500 rupee notes (500 Rupee Notes) in the total currency in circulation increased to 86.5 percent by March 2024, as against 77.1 percent in the same period a year ago. This information has been given in the annual report of the central bank (RBI 500 Rupee Note Update). In terms of value, the increase in the number of banknotes in circulation is the lowest in recent years.
The announcement of the withdrawal of 2,000 rupee notes in May last year has been cited as the main reason for this surge (2000 Rupees Note Update). Due to this decision, the share of 2,000 rupee notes decreased from 10.8 percent in the same period a year ago to just 0.2 percent.
Maximum 5.16 lakh notes of Rs 500 in circulation
According to the data shared in the RBI's annual report, as of March 31, 2024, the maximum 5.16 lakh notes of Rs 500 were in circulation in terms of quantity, while the Rs 10 note stood second (500 rupees note news) with 2.49 lakh numbers. The report says that the value and quantity of banknotes in circulation increased by 3.9 percent and 7.8 percent respectively in the financial year 2023-24, whereas (RBI update on 500 rupees note) this growth was 7.8 percent and 4.4 percent respectively in the previous financial year.
This report says the withdrawal of Rs 2,000 notes that about 89 percent of the notes of this denomination introduced after demonetization in 2016 were in circulation for more than four years, so they needed to be replaced. Apart from this, those notes were not commonly used in transactions. More than 26,000 fake notes of Rs 2,000 seized
According to the annual report, this withdrawal has also had an impact on the identification of fake notes. During this period, more than 26,000 fake notes of Rs 2,000 were caught while a year ago (latest 2000 rupees note update) 9,806 fake notes were marked. However, the number of fake notes of Rs 500 caught decreased from 91,110 a year ago to 85,711.
According to the annual report, 97.7 percent of the total Rs 3.56 lakh crore worth of Rs 2,000 notes held by the public were returned by March 31.
The total outstanding value of e-rupee
The total outstanding value of the central bank digital currency (Digital currency update) i.e. e-rupee introduced on a pilot basis has been estimated at Rs 234.12 crore, whereas in March 2023 it was Rs 16.39 crore. In the financial year 2023-24, RBI spent Rs 5,101 crore on printing, whereas in the same period a year ago (RBI update on 2000 rupee note) Rs 4,682 crore was spent. The Reserve Bank also surveyed the use of currency among the people. In this, more than 22,000 respondents indicated that cash is still 'in vogue' despite the popularity of digital payment methods.
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