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RBI's Report On Currency In Digital India Surprises Many!
By: Tupaki Desk | 31 May 2023 1:05 PM GMT
Thanks to Digital India, peoples' lives changed largely compared to earlier. The digital payments increased and people are using phones to pay at tea stalls, for groceries, and even for an auto ride. We can see beggars also using QR codes asking people to pay through the code. All these factors should result in the circulation of currency notes coming down. But the report released by the RBI is shocking to many as it projects a contrasting situation.
The Reserve Bank of India has announced its annual report recently. The report talked about the circulation of currency notes and the details are surprising. As of 2023, the value of currency notes that are in circulation increased. The main aspect is the percentage saw a dip. The share of Rs 2000 notes and Rs 500 notes in circulation was 87.9 percent, the same went down to 87.1 percent by March 31, 2022.
As per the denomination, Rs 500 notes has a share of 37.9 percent followed by Rs 10 notes with a percentage of 19.2. As of March end 2022, the count of Rs 500 notes was 4,55,468 lakhs and by March 2023, the same count went up to 5,16,338 lakhs. This says that the Rs 500 notes circulation increased. The report says that 2,5,10,20,50,100,200,500 and 2000 notes are in circulation. 50 Paise, One rupee, 2 rupees,5 rupees, and 20 rupees coins are also in circulation.
Compared to 2021-22, the bank notes indent and supply increased by 1.6 percent in the financial year 2022-23. It is known that there is no indent for the printing of Rs 2,000 notes. Looking at the details of the Reserve Bank of India(RBI), as of 2023 March end 4,55,468 lakh notes are in circulation and their value is 3,62,220 crores. While they account for 1.6 percent of notes that are in circulation by 2022 March end, the same percentage saw a dip of 1.3 percent by 2022-23 March end.
The Reserve Bank of India has announced its annual report recently. The report talked about the circulation of currency notes and the details are surprising. As of 2023, the value of currency notes that are in circulation increased. The main aspect is the percentage saw a dip. The share of Rs 2000 notes and Rs 500 notes in circulation was 87.9 percent, the same went down to 87.1 percent by March 31, 2022.
As per the denomination, Rs 500 notes has a share of 37.9 percent followed by Rs 10 notes with a percentage of 19.2. As of March end 2022, the count of Rs 500 notes was 4,55,468 lakhs and by March 2023, the same count went up to 5,16,338 lakhs. This says that the Rs 500 notes circulation increased. The report says that 2,5,10,20,50,100,200,500 and 2000 notes are in circulation. 50 Paise, One rupee, 2 rupees,5 rupees, and 20 rupees coins are also in circulation.
Compared to 2021-22, the bank notes indent and supply increased by 1.6 percent in the financial year 2022-23. It is known that there is no indent for the printing of Rs 2,000 notes. Looking at the details of the Reserve Bank of India(RBI), as of 2023 March end 4,55,468 lakh notes are in circulation and their value is 3,62,220 crores. While they account for 1.6 percent of notes that are in circulation by 2022 March end, the same percentage saw a dip of 1.3 percent by 2022-23 March end.
