RBI Annual Report: According to the annual report of the Reserve Bank of India, the number of fake Rs 500 notes detected in the banking system increased by 14.6 percent to 91,110 notes in 2022-23 compared to last year. According to the report released on Tuesday, the number of fake notes of Rs 2,000 denomination detected by the system during the same period declined by 28 percent to 9,806 notes. However, the total number of fake Indian currency notes detected in the banking sector declined to 2,25,769 notes in 2022-23 compared to 2,30,971 notes in the last financial year.
It is noteworthy that it had increased in 2021-22. The RBI annual report also highlighted an 8.4 per cent increase in fake notes detected in the Rs 20 denomination and a 14.4 per cent increase in the Rs 500 (new design) denomination. On the other hand, fake notes of Rs 10, Rs 100 and Rs 2,000 have declined by 11.6 per cent, 14.7 per cent and 27.9 per cent respectively.
RBI gave many information regarding currency-
The circulation of bank notes in terms of value and quantity increased by 7.8 per cent and 4.4 per cent respectively during 2022-23. In the financial year 2021-22, this figure was 9.9 percent and five percent respectively. According to the report, in terms of value, by March 31, 2023, the share of Rs 500 and Rs 2,000 bank notes in total bank notes in circulation was 87.9 percent. A year before this, this figure was 87.1 percent.
RBI announced withdrawal of Rs 2000 notes-
The Reserve Bank of India (RBI) has recently announced the withdrawal of Rs 2,000 notes and has been given time till September 30 to deposit or exchange them.
The report said, “In terms of volume, as of March 31, 2023, the share of Rs 500 notes in the total currency in circulation is 37.9 percent, which is the highest. It is followed by Rs 10 notes, whose share is 19.2 percent.” By the end of March 2023, a total of 5,16,338 lakh notes of Rs 500 were in circulation, whose total value is Rs 25,81,690 crore.
The circulation of Rs 2000 notes has decreased-
The report also said that at the end of March, 4,55,468 lakh rupee notes were in circulation, whose total value is Rs 3,62,220 crore. It was further told that the circulation of Rs 2,000 notes has decreased both in terms of value and quantity. At present, notes of Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500 and Rs 2,000 are in circulation. Apart from this, coins of 50 paise, one rupee, two rupees, five rupees, 10 rupees and 20 rupees are also included in circulation.
RBI also introduced e-Rupee on a pilot basis during 2022-23-
According to the report, the value of e-Rupee (wholesale) and e-Rupee (retail) in circulation as of March 31, 2023 was Rs 10.69 crore and Rs 5.70 crore respectively. The report also said that the demand and supply of notes in 2022-23 was 1.6 percent higher on an annual basis. The report further said that compared to 2021-22, the number of fake notes found in denominations of Rs 20 and Rs 500 (new design) has increased by 8.4 percent and 14.4 percent respectively in the last financial year. On the other hand, fake notes found in denominations of Rs 10, Rs 100 and Rs 2,000 declined by 11.6 per cent, 14.7 per cent and 27.9 per cent respectively.
