The circulation of Rs 2,000 banknotes introduced in 2016 is declining in the financial system. According to the latest data from the Reserve Bank of India, the number of banknotes declined by 12.60 per cent to 21,420 lakh during the year ended March 2022, from 24,510 lakh in 2021 and 27,398 lakh in 2020.
The number of Rs 2,000 notes in circulation has declined by 21.81 per cent in the last two years.
It is worth noting that RBI has not supplied new notes of Rs 2,000 in the last four years. RBI introduced Rs 2,000 notes after demonetisation in November 2016, when Rs 500 and Rs 1,000 notes were withdrawn. While the RBI withdrew the Rs 1,000 note from the system, a newly designed Rs 500 note was introduced in 2016.
According to RBI, the value of Rs 2,000 notes in circulation fell 12.60 per cent to Rs 428,394 crore in March 2022 from Rs 490,195 crore last year. It was Rs 547,9522 crore in March 2020.
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premiumHowever, the number of Rs 500 notes in circulation increased to 455,468 lakh in March 2022 from 386,790 lakh notes in the previous year, the central bank said in its annual report. During the last financial year, 128,003 notes of Rs 500 denomination were supplied as against 128,000 notes a year ago. The total value of 13,05,326 lakh pieces as of March 2022 was Rs 31.05 lakh crore, RBI said.
The demand for banknotes for 2021-22 was 1.8 per cent lower than a year ago. The supply of banknotes was also marginally lower by 0.4 per cent during 2021-22 as compared to the previous year.
Meanwhile, according to a survey by RBI, among banknotes, Rs 100 was the most preferred, while Rs 2,000 was the least preferred denomination. “Among coins, the denomination of Rs 5 was the most preferred while the denomination of Re 1 was the least liked. The window security thread was the most recognized security feature after the watermark of the image of Mahatma Gandhi,” it said.
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The value and quantity of banknotes in circulation increased by 9.9 per cent and 5.0 per cent, respectively, during 2021-22, while it increased by 16.8 per cent and 7.2 per cent, respectively, during 2020-21. In terms of value, the Rs 500 and Rs 2000 banknotes accounted for 87.1 per cent of the total value of banknotes in circulation as on March 31, 2022, as against 85.7 per cent in March 2021.
During 2021-22, the Reserve Bank has created an adequate buffer to enhance disposal of soiled notes, increase public awareness, understand public demand and expectations from banknotes, provide clean notes in sufficient quantities and meet any emergent requirement. Focused on maintaining stock. COVID-19 pandemic, RBI said.
counterfeit notes
RBI said there has been an increase of 16.4 per cent, 16.5 per cent, 11.7 per cent, 101.9 per cent and 54.6 per cent in counterfeit notes of Rs 10, Rs 20, Rs 200, Rs 500 (new design). ) and Rs 2000, respectively. The annual report said that there has been a decline of 28.7 per cent and 16.7 per cent in counterfeit notes found in the denominations of Rs 50 and Rs 100, respectively.
During 2021-22, of the total counterfeit notes detected in the banking sector, 6.9 per cent were found in the Reserve Bank and 93.1 per cent in other banks.