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.
Yesterday, the Reserve Bank of India (RBI) has given big information about the Rs 500 note. RBI said that the share of Rs 500 denomination notes in the total currency in circulation increased to 86.5 percent by March 2024, while it was 77.1 percent in the same period a year ago. This information has been given in the annual report of the central bank. In terms of value, the increase in the number of bank notes in circulation is the lowest in recent years.
The main reason for this rise is said to be the announcement of withdrawal of 2,000 rupee note in May last year. Due to this decision, the share of 2,000 rupee note decreased from 10.8 percent in the same period a year ago to just 0.2 percent.
As of March 31, 2024, the maximum number of 5.16 lakh notes of Rs 500 will be in circulation
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 notes. The report says that the value and quantity of bank notes in circulation increased by 3.9 percent and 7.8 percent respectively in the financial year 2023-24, whereas in the previous financial year this growth was 7.8 percent and 4.4 percent respectively.
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Regarding the withdrawal of 2,000 rupee notes, this report says that about 89 percent of the notes of this denomination introduced after demonetization in 2016 were in circulation for more than four years and hence needed to be replaced. Apart from this, those notes were not commonly used in transactions.
Over 26,000 fake notes of Rs 2,000 seized
According to the annual report, this withdrawal has also had an impact on the detection of counterfeit notes. During this period, more than 26,000 counterfeit notes of Rs 2,000 were caught while 9,806 counterfeit notes were identified a year ago. However, the number of counterfeit notes of Rs 500 caught decreased from 91,110 a year ago to 85,711.
According to the annual report, 97.7 per cent of the total Rs 2,000 notes worth Rs 3.56 lakh crore in circulation with the public were returned by March 31.
Total outstanding value of e-Rupee is Rs 234.12 crore
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 it was Rs 16.39 crore in March 2023. In the financial year 2023-24, RBI spent Rs 5,101 crore on printing, while Rs 4,682 crore was 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 ‘in vogue’ despite the popularity of digital payment methods.
