‘The number of ₹2,000 currency notes in circulation has come down from 33,632 lakh pieces at end-March 2018 to 32,910 lakh pieces at end-March 2019 and further to 27,398 lakh pieces at end-March 2020’
Currency notes of ₹2,000 denomination were not printed in 2019-20 and the circulation of these notes have declined over the year, according to RBI’s annual report. The number of ₹2,000 currency notes in circulation has come down from 33,632 lakh pieces at end-March 2018 to 32,910 lakh pieces at end-March 2019 and further to 27,398 lakh pieces at end-March 2020, the RBI Annual Report said. The number of pieces of ₹2,000 denomination notes constituted 2.4% of the total volume of notes at end-March 2020, down from 3% at end-March 2019 and 3.3% at end-March 2018. In value terms also, the share has came down to 22.6% at end-March 2020, from 31.2% at end-March 2019 and 37.3% at the end-March 2018. On the other hand, the circulation of currency notes of denomination of ₹500 and ₹200 has gone up substantially, both in terms of volume and value over the three years beginning 2018. The RBI report further revealed that no indent for printing of ₹2,000 currency notes was made during 2019-20 and no fresh supplies were made by BRBNMPL (Bharatiya Reserve Bank Note Mudran Private Limited) and SPMCIL (Security Printing and Minting Corporation of India Limited).“The indent of banknotes for 2019-20 was lower by 13.1% than that of a year ago. The supply of banknotes during 2019-20 was also lower by 23.3% than in the previous year mainly due to the disruptions caused by the outbreak of COVID-19 and the ensuing lockdown,” it said. On ₹500 denomination notes, the RBI said indent for printing of 1,463 crore pieces were issued and 1,200 crore pieces were supplied during 2019-20. This compares with indent of 1,169 crore pieces and 1,147 crore supply during 2018-19.The order was also given to BRBNMPL and SPMCIL for printing currency notes of ₹100 (330 crore pieces), ₹50 (240 crore pieces), ₹200 (205 crore pieces), ₹10 (147 crore pieces) and ₹20 (125 crore pieces) during 2019-20. A large number of them were also supplied during the fiscal for circulation. The report also said that during 2019-20, out of the total Fake Indian Currency Notes (FICNs) detected in the banking sector, 4.6% were detected at the Reserve Bank and 95.4% by other banks. A total of 2,96,695 pieces of counterfeit notes were detected. Compared to the previous year, there was an increase of 144.6%, 28.7% , 151.2% and 37.5% in counterfeit notes detected in the denominations of ₹10, ₹50, ₹200 and ₹500 [Mahatma Gandhi (New) Series], respectively. Counterfeit notes detected in the denominations of ₹20, ₹100 and ₹ 2,000 declined by 37.7%, 23.7% and 22.1%, respectively, the report said. The number of counterfeit notes of ₹2,000 detected was 17,020 pieces during the last fiscal, down from 21,847 in 2018-19. The Reserve Bank also said it has undertaken several initiatives to introduce varnished banknotes in ₹100 denomination on a field trial basis. However, the process of printing of these notes has been delayed due to disruptions caused by the COVID-19 pandemic and certain other developments.
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