Mumbai . The share of Rs 500 notes in total currency has increased to 86.5 percent by the end of March 2024, as compared to 77.1 percent in the same period a year ago. The RBI's annual report attributes this jump mainly to the withdrawal of Rs 2,000 notes announced in May 2023. The share of this denomination has come down to 0.2 percent from 10.8 percent in the year-ago period.

The number of bank notes increased by 7.8 percent

In terms of quantity, as of March 31, 2024, there were 5.16 lakh Rs 500 notes while the number of Rs 10 notes was 2.49 lakh. The report said that in the financial year 2023-24, while the value of bank notes has increased by 3.9 percent, their number has increased by 7.8 percent. Whereas in the previous financial year, it had increased by 7.8 percent and 4.4 percent respectively.

Withdrawal of 2000 rupee notes has put a stop to fake notes

On the withdrawal of Rs 2,000 notes, the report said that nearly 89 per cent of the notes of this denomination introduced after demonetisation in 2016 were in circulation for more than four years and needed to be replaced. The withdrawal has also had an impact on the number of counterfeit notes detected. The number of counterfeit Rs 2,000 notes increased to over 26,000 from 9,806 in the same period a year ago, the report said.

The number of 500 rupee notes reduced in the financial year 2024

The number of Rs 500 notes in circulation declined to 85,711 in FY24 from 91,110 a year ago. On the recently launched central bank digital currency (CBDC) or e-rupi pilot, the annual report pegs the total outstanding value at Rs 234.12 crore, as against Rs 16.39 crore in March 2023.

Over 70 per cent of e-rupees or Rs 164 crore are in Rs 500 notes, while Rs 200 notes are second with Rs 32 crore or 13.7 per cent.

The annual report said that as of March 31, 97.7 per cent of the outstanding Rs 2,000 notes worth Rs 3.56 lakh crore were returned by the public. In FY24, the RBI spent Rs 5,101 crore on security printing as against Rs 4,682 crore in the same period a year ago.

The RBI's annual report said it also conducted a survey on currency usage among the public, in which over 22,000 respondents from across the country indicated that cash remains "in circulation" though digital modes of payments are becoming popular.