RBI annual report: Share of Rs 2,000 notes in circulation falls in FY21

The portion of Rs 2,000 banknotes available for use tumbled to two percent toward the finish of FY21 from 2.4 percent in March 2020, showed the Reserve Bank of India’s (RBI) yearly report for 2020-21. During the year, preparatory interest for cash flooded in the economy with the beginning of the Covid-19 pandemic, the RBI yearly report said.

The Rs 2,000 banknote was presented in 2016 not long after the public authority’s choice to demonetise old Rs 500 and Rs 1,000 notes. As at end-FY21, 245 crore bits of the Rs 2,000 note were available for use, down from 273.98 crore a year prior. In esteem terms, the Rs 2,000 note represented Rs 4.9 lakh crore of cash available for use in March 2021, down from Rs 5.48 lakh crore in March 2020.

The portion of Rs 500 notes in money available for use was the most noteworthy at 31.1 percent, up from 25.4 percent at end-March 2020 and 19.8 percent toward the finish of FY19. The complete number of Rs 500 notes was 3,867.9 crore. In esteem terms, Rs 500 notes represented Rs 19.34 lakh crore of cash, up from Rs 14.72 lakh crore in end-FY20. Their offer by esteem rose to 68.4% from 60.8% in the earlier year. The portion of Rs 200 notes additionally rose imperceptibly to 4.7% from 4.6%.

The Rs 10 note had the second-most elevated offer after the Rs 500 note, representing 23.6% of all notes available for use, but down from 26.2% in the earlier year.

The all out volume of money available for use rose 7.2% to 12,436.71 crore pieces toward the finish of March 2021, while the worth rose almost 17% to Rs 28.27 lakh crore.

The quantity of fake notes distinguished in FY21 fell 30% from the earlier year to 2.09 lakh. Of the all out counterfeit Indian money notes recognized in the financial area, 3.9 percent were identified at the RBI and 96.1 percent by different banks, the yearly report said.

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