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Rs 2,000 banknotes continue to decrease in circulation: RBI


Rs 2,000 banknotes continue to decrease in circulation: RBI

At the end of March 2020, the number of Rs 2,000 banknotes in circulation stood at 274 crore.

Mumbai:

According to the RBI’s annual report, the number of Rs 2,000 banknotes has been steadily decreasing over the years, reaching 214 crore or 1.6% of the total number of banknotes in circulation at the end of March this year.

The total number of banknotes of all denominations in circulation was 13,053 crore as of March this year, up from 12,437 crore year-on-year.

At the end of March 2020, the number of Rs 2,000 banknotes in circulation stood at 274 crore, representing 2.4% of the total number of banknotes in circulation. This fell to 245 crore or 2% of the total number of banknotes in circulation as of March 2021 and further fell to 214 crore or 1.6% at the end of the previous financial year.

In terms of value, the Rs 2,000 banknote fell from 22.6% of the total value of banknotes in circulation to 17.3% at the end of March 2021 and further to 13.8% at the end of March 2022 .

According to the report, the number of Rs 500 banknotes in circulation rose to 4,554.68 crore at the end of March this year from 3,867.90 crore in the same period last year.

“In terms of volume, Rs 500 denominations accounted for the highest market share at 34.9%, followed by Rs 10 banknotes, which accounted for 21.3% of all banknotes in circulation as of March 31, 2022. “, said the annual report for 2021-22 released on Friday.

The Rs 500 banknotes accounted for 31.1% of the market share at the end of March 2021 and 25.4% as of March 2020. In terms of value, these notes increased from 60.8% to 73.3. % from March 2020 to March 2022.

The total value of banknotes in circulation of all denominations has increased to Rs 31.05 lakh crore at the end of March this year from Rs 28.27 lakh crore at the end of March 2021.

“In terms of value, the share of the Rs 500 and Rs 2000 notes together accounted for 87.1% of the total value of banknotes in circulation as of 31 March 2022, compared with 85.7% at the end of March 2021. ,” the report said.

The value and volume of banknotes in circulation increased by 9.9% and 5% in 2021-22, respectively, compared with 16.8% and 7.2% in 2020-21, the report said.

Currency in circulation (CiC) includes banknotes and coins. Currently, the Reserve Bank of India (RBI) issues banknotes in denominations of Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500 and Rs 2000. Coins are in circulation. Issue includes 50 paise and Re 1 , in denominations of Rs 2, Rs 5, Rs 10 and Rs 20.



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