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Currency notes circulation increased 6.2% in FY19: RBI Annual Report

In comparison to the previous fiscal, there was an increase of 20.2 per cent, 87.2 per cent and 57.3 per cent in counterfeit notes detected in the denominations of Rs 10, Rs 20 and Rs 50, respectively

twitter-logo BusinessToday.In        Last Updated: August 29, 2019  | 19:25 IST
Currency notes circulation increased 6.2% in FY19: RBI Annual Report

The Reserve Bank of India announced that the volume of currency notes in circulation increased by 6.2 per cent during 2018-19. In its annual report, the central bank stated that 108,759 million currency notes were in circulation during the past financial year.

"In volume terms, Rs 10 and Rs 100 banknotes constituted 47.2 per cent of total banknotes in circulation at end-March 2019 as against 51.6 per cent at end-March 2018," the RBI Annual Report said.

Meanwhile, the value of currency notes in circulation increased by 17 per cent to Rs 21.11 lakh crore during 2018-19. In value terms, the share of Rs 500 and Rs 2,000 banknotes increased to 82.2 per cent at end-March 2019. At the beginning of last fiscal, these two denominations had together accounted for 80.2 per cent of the total value of banknotes in circulation.

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"There was a sharp increase in the value of Rs 500 banknotes in circulation-from 42.9 per cent to 51.0 per cent over the year," the report said.

In terms of value, banknotes accounted for around 99 per cent share of the total currency in circulation. "The total value of coins in circulation increased by 0.8 per cent in 2018-19 as against an increase of 2.4 per cent last year, while the total volume increased by 1.1 per cent as compared to an increase of 2.4 per cent in the previous year," the central bank said in its report.

At the end of financial year 2018-19, the Re 1, Rs 2 and Rs 5 coins together constituted 83.6 per cent of the total volume of coins in circulation. In value terms, these denominations accounted for 78.3 per cent.

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"As at end-March 2019, the State Bank of India accounted for the highest share of around 63 per cent of currency chests, followed by the nationalised banks with around 31 per cent," said the RBI annual report.

In comparison to the previous fiscal, there was an increase of 20.2 per cent, 87.2 per cent and 57.3 per cent in counterfeit notes detected in the denominations of Rs 10, Rs 20 and Rs 50, respectively. Meanwhile, counterfeit notes detected in the denomination of Rs 100 declined by 7.5 per cent.

"In the denomination of Rs 200, which was introduced in August 2017, 12,728 counterfeit notes were detected as against 79 during the previous year. Counterfeit notes in the denomination of Rs 500 (new design notes), increased by 121.0 per cent, while in Rs 2000, it increased by 21.9 per cent during 2018-19," the central bank mentioned in its report.

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