Currency in circulation rose in value, volume during 2022-23: RBI

The value and volume of banknotes in circulation increased by 78 per cent and 44 per cent respectively during 202223 as compared with 99 per cent and 5 per cent respectively in 202122 revealed the Reserve Bank of India annual report released on TuesdayIn value terms the share of Rs 500 and Rs 2000 banknotes together accounted for 879 per cent of the total value of banknotes in circulation as on March 31 2023 as compared to 871 per cent a year agoThe Reserve Bank has announced withdrawal of Rs 2000 notes and holders of the highest value currency have been given time till September 30 to exchange or deposit themIn volume terms Rs 500 denomination constituted the highest share at 379 per cent followed by Rs 10 denomination banknotes which constituted 192 per cent of the total banknotes in circulation as on March 31 2023 said the reportThere were 516338 lakh pieces of Rs 500 denomination notes totalling Rs 2581690 crore at endMarch 2023 The number of Rs 500 notes at endMarch 2022 were 455468 lakhThe report also said there were 455468 lakh pieces of Rs 2000 notes amounting to Rs 362220 crore at endMarchIn volume terms the Rs 2000 notes in circulation declined to 13 per cent of total currency in circulation at endMarch 2023 compared to 16 per cent in the yearago period In value terms it too declined to 108 per cent from 138 per cent at endMarch 2022Also readIndian economy expected to have recorded growth of 7 per cent in real GDP RBI annual reportPresently the banknotes in circulation comprise those of denominations of Rs 2 Rs 5 Rs 10 Rs 20 Rs 50 Rs 100 Rs 200 Rs 500 and Rs 2000 Coins in circulation comprise those of 50 paise and Rs 1 Rs 2 Rs 5 Rs 10 and Rs 20 denominationsThe RBI also launched eRupee during 202223 on a livepilot basisThe value of eRupeeWholesale and eRupeeRetail in circulation stood at Rs 1069 crore and Rs 570 crore respectively as on March 31 2023The report also said both indent and supply of banknotes for 202223 were marginally higher by 16 per cent than that of a year agoLike the previous years there was no indent for printing of Rs 2000 notesThe report said that indent and supply of banknotes by BRBNMPL and SPMCIL stood at 226000 lakh and 226002 lakh pieces respectivelyThe total expenditure incurred on security printing during 202223 was Rs 468280 crore as against Rs 498480 crore in the previous yearThe RBI also disposed of 4824 lakh pieces of soiled Rs 2000 notes in the last fiscal up from 3847 lakh pieces in the preceding yearThe report further said that compared to 202122 there was an increase of 84 per cent and 144 per cent in the counterfeit notes detected in the denominations of Rs 20 and Rs 500 new design respectivelyThe counterfeit notes detected in the denominations of Rs 10 Rs 100 and Rs 2000 declined by 116 per cent 147 per cent and 279 per cent respectivelyDuring 202223 out of the total Fake Indian Currency Notes FICNs detected in the banking sector 46 per cent were detected at the Reserve Bank and 954 per cent at other banks the report saidThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever