MUMBAI : According to the RBI annual report released on Tuesday, the value and quantity of banknotes in circulation increased by 7.8% and 4.4%, respectively, during 2022–2023 as opposed to 9.9% and 5%, respectively, in 2021–2022 .As of March 31, 2023, the combined value of the Rs 500 and Rs 2,000 banknotes amounted for 87.9% of the total value of banknotes in circulation, up from 87.1 percent the previous year. Holders of the highest value currency have till September 30 to swap or deposit them after the Reserve Bank announced the withdrawal of Rs 2,000 notes. The research stated that as of March 31, 2023, “in terms of volume, Rs 500 denomination banknotes constituted the highest share at 37.9%, followed by Rs 10 denomination banknotes, which constituted 19.2% of the total banknotes in circulation.”At the end of March 2023, there were 5,16,338 lakh Rs. 500 notes in circulation, for a total of Rs. 25,81,690 crore. At the end of March 2022, there were 4,55,468 lakh Rs 500 notes. The study further stated that as of the end of March, there were 4,55,468 lakh pieces of Rs 2,000 notes totaling Rs 3,62,220 crore. The amount of Rs 2,000 notes in circulation decreased from 1.6% of all money in circulation at the end of March 2022 to 1.3% at the end of March 2023. It also saw a value reduction, falling to 10.8% from 13.8% at the end of March 2022.Currently, there are banknotes in circulation with the following denominations: 2, 5, 10, 20, 50, 100, 200, 500, and 2,000 rupees. There are coins worth 50 paise, Rs 1, Rs 2, Rs 5, Rs 10, and Rs 20 in circulation. Additionally, the RBI introduced e-Rupee in 2022–2023 on a live-pilot basis. As of March 31, 2023, there were Rs 10.69 crore and Rs 5.70 crore worth of e-Rupees-Wholesale and e-Rupees-Retail in circulation, respectively. According to the research, the supply and indent of banknotes for 2022–23 were both 1.6% greater than they were a year earlier. The printing of the Rs. 2,000 notes did not have an indent, like in prior years. According to the report, BRBNMPL and SPMCIL supplied 2,26,000 lakh and 2,26,002 lakh pieces of currency, respectively, for indent and supply. In comparison to the prior year, 2022–2023 saw a total spend on security printing of Rs. 4,682.80 crore as opposed to Rs. 4,984.80 crore. Additionally, the RBI disposed of 4,824 lakh filthy Rs 2,000 notes in the most recent fiscal year, up from 3,847 pieces the year before. According to the report, the number of counterfeit notes found in the denominations of Rs 20 and Rs 500 (new design) increased by 8.4% and 14.4%, respectively, as compared to 2021–22.In the denominations of Rs. 10, Rs. 100, and Rs. 2,000, the proportion of counterfeit notes was lower by 11.6%, 14.7%, and 27.9%, respectively. The Reserve Bank found 4.6% of the fake Indian currency notes (FICNs) found in the banking sector during 2022–2023, whereas other banks found 95.4% of them, reports.
