RBI's big update on 2000 and 500 rupee notes, told how many notes are in circulation after demonetization
RBI Currency Note: The Reserve Bank of India (RBI) said on Thursday that the share of 500 rupee notes in the total currency in circulation has increased to 86.5 percent by March 2024.
RBI Currency Note: The Reserve Bank of India (RBI) said on Thursday that the share of 500 rupee notes in the total currency in circulation has increased to 86.5 percent by March 2024, while it was 77.1 percent in the same period a year ago. In the annual report of the central bank, the announcement of the withdrawal of 2,000 rupee notes in May last year has been cited as the main reason for this jump. Due to this decision, the share of 2,000 rupee notes has come down from 10.8 percent in the same period a year ago to just 0.2 percent.
According to the data shared in the RBI's annual report, as of March 31, 2024, the highest number of 5.16 lakh notes of Rs 500 were in circulation in terms of quantity, while Rs 10 notes stood second with 2.49 lakh numbers.
How many notes are in circulation?
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, while in the previous financial year, this growth was 7.8 per cent and 4.4 per cent respectively. In terms of value, the increase in the number of bank notes in circulation is the lowest in recent years.
This report says about the withdrawal of Rs 2,000 notes that about 89 per cent of the notes of this denomination introduced after demonetisation 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.
How many fake notes of Rs 2000 were caught?
According to the annual report, this return 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 9,806 fake notes were marked a year ago. However, the number of fake notes of Rs 500 caught came down to 85,711 from 91,110 a year ago.
How many notes of Rs 2000 were returned?
The total outstanding value of the Central Bank Digital Currency (CBDC) i.e. e-Rupee introduced on a pilot basis has been estimated at Rs 234.12 crore, while in March 2023 it was Rs 16.39 crore. According to the annual report, out of the total Rs 3.56 lakh crore worth of Rs 2,000 notes held by the public, 97.7 percent were returned by March 31.
In the financial year 2023-24, RBI spent Rs 5,101 crore on printing as against Rs 4,682 crore spent in the same period a year ago. The Reserve Bank also conducted a survey on the use of currency among the people. In this, more than 22,000 respondents indicated that cash is still 'prevalent' despite digital payment methods becoming popular.
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