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Rs 2,000 notes weren’t printed in 2019-20: RBI annual document

Forex notes of Rs 2,000 denomination weren’t printed in 2019-20 and the circulation of those notes maintain declined over the years, essentially essentially based on RBI‘s annual document.

The amount of Rs 2,000 currency notes in circulation has come down from 33,632 lakh gadgets at cease-March 2018 to 32,910 lakh gadgets at cease-March 2019 and extra to 27,398 lakh gadgets at cease-March 2020, the RBI Annual Document mentioned.

The amount of gadgets of Rs 2,000 denomination notes constituted 2.4 per cent of the total volume of notes at cease-March 2020, down from 3 per cent at cease-March 2019 and 3.3 per cent at cease-March 2018.

In designate terms also, the portion has come down to 22.6 per cent at cease-March 2020, from 31.2 per at cease-March 2019 and 37.3 per cent on the cease-March 2018.

On the opposite hand, the circulation of currency notes of denomination of Rs 500 and Rs 200 has gone up significantly, both by formula of volume and designate over the three years beginning 2018.

The RBI document extra printed that no indent for printing of Rs 2,000 currency notes became once made one day of 2019-20 and no novel gives were made by BRBNMPL (Bharatiya Reserve Financial institution Ticket Mudran Internal most Tiny) and SPMCIL (Security Printing and Minting Corporation of India Tiny).

“The indent of banknotes for 2019-20 became once lower by 13.1 per cent than that of a year in the past.

The present of banknotes one day of 2019-20 became once also lower by 23.3 per cent than in the outdated year mainly as a result of disruptions precipitated by the outbreak of COVID-19 and the ensuing lockdown,” it mentioned.

On Rs 500 denomination notes, the RBI mentioned indent for printing of 1,463 crore gadgets were issued and 1,200 crore gadgets were equipped one day of 2019-20. This compares with indent of 1,169 crore gadgets and 1,147 crore present one day of 2018-19.

The report became once also given to BRBNMPL and SPMCIL for printing currency notes of Rs 100 (330 crore gadgets), Rs 50 (240 crore gadgets), Rs 200 (205 crore gadgets), Rs 10 (147 crore gadgets) and Rs 20 (125 crore gadgets) one day of 2019-20. A mountainous quantity of them were also equipped one day of the fiscal for circulation.

The document also mentioned that one day of 2019-20, out of the total Faux Indian Forex Notes (FICNs) detected in the banking sector, 4.6 per cent were detected on the Reserve Financial institution and 95.4 per cent by other banks. A entire of 2,96,695 gadgets of counterfeit notes were detected.

Compared to the outdated year, there became once an amplify of 144.6 per cent, 28.7 per cent, 151.2 per cent and 37.5 per cent in counterfeit notes detected in the denominations of Rs 10, Rs 50, Rs 200 and Rs 500 [Mahatma Gandhi (New) Series], respectively.

Faux notes detected in the denominations of Rs 20, Rs 100 and Rs 2,000 declined by 37.7 per cent, 23.7 per cent and 22.1 per cent, respectively, the document mentioned.

The amount of counterfeit notes of Rs 2,000 detected became once 17,020 gadgets one day of the final be conscious fiscal, down from 21,847 in 2018-19.

The Reserve Financial institution also mentioned it has undertaken several initiatives to introduce varnished banknotes in Rs 100 denomination on a arena trial basis.

However, the strategy of printing of those notes has been delayed due to disruptions precipitated by the COVID-19 pandemic and certain other traits.

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