RBI gave a big update regarding 500 rupees and 2,000 rupees notes, know what it said

According to the info shared within the RBI’s annual report, as of March 31, 2024, the best variety of 5.16 lakh notes of Rs 500 have been in circulation when it comes to amount, whereas Rs 10 notes stood second with 2.49 lakh numbers.

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Yesterday, the Reserve Bank of India (RBI) has given big details about the Rs 500 notice. RBI said that the share of Rs 500 denomination notes within the complete foreign money in circulation elevated to 86.5 p.c by March 2024, whereas it was 77.1 p.c in the identical interval a 12 months in the past. This info has been given within the annual report of the central financial institution. In phrases of worth, the rise within the variety of financial institution notes in circulation is the bottom in recent times.

The fundamental purpose for this rise is said to be the announcement of withdrawal of 2,000 rupee notice in May final 12 months. Due to this choice, the share of 2,000 rupee notice decreased from 10.8 p.c in the identical interval a 12 months in the past to only 0.2 p.c.

As of March 31, 2024, the utmost variety of 5.16 lakh notes of Rs 500 might be in circulation

According to the info shared within the RBI’s annual report, as of March 31, 2024, the best variety of 5.16 lakh notes of Rs 500 have been in circulation when it comes to amount, whereas Rs 10 notes stood second with 2.49 lakh notes. The report says that the worth and amount of financial institution notes in circulation elevated by 3.9 p.c and 7.8 p.c respectively within the monetary 12 months 2023-24, whereas within the earlier monetary 12 months this progress was 7.8 p.c and 4.4 p.c respectively.

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Regarding the withdrawal of 2,000 rupee notes, this report says that about 89 p.c of the notes of this denomination launched after demonetization in 2016 have been in circulation for greater than 4 years and therefore wanted to get replaced. Apart from this, these notes weren’t generally utilized in transactions.

Over 26,000 faux notes of Rs 2,000 seized

According to the annual report, this withdrawal has additionally had an impression on the detection of counterfeit notes. During this era, greater than 26,000 counterfeit notes of Rs 2,000 have been caught whereas 9,806 counterfeit notes have been recognized a 12 months in the past. However, the variety of counterfeit notes of Rs 500 caught decreased from 91,110 a 12 months in the past to 85,711.

According to the annual report, 97.7 per cent of the whole Rs 2,000 notes price Rs 3.56 lakh crore in circulation with the general public have been returned by March 31.

Total excellent worth of e-Rupee is Rs 234.12 crore

The complete excellent worth of the Central Bank Digital Currency (CBDC) i.e. e-Rupee launched on a pilot foundation has been estimated at Rs 234.12 crore, whereas it was Rs 16.39 crore in March 2023. In the monetary 12 months 2023-24, RBI spent Rs 5,101 crore on printing, whereas Rs 4,682 crore was spent in the identical interval a 12 months in the past. The Reserve Bank additionally carried out a survey on the usage of foreign money among the many folks. In this, greater than 22,000 respondents indicated that money continues to be ‘in vogue’ regardless of the recognition of digital cost strategies.

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