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Rs 500, Rs 2,000 Notes In Circulation Accounted 87.9% In Value As On 31 Mar: RBI

The report even reveals the detection of fake Rs 500 in FY 2023 which accounted for around 91,110 pieces

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Reserve Bank of India's (RBI) annual report 2022-2023 reported the shares of Rs 500 and Rs 2,000 banknotes in value together accounted for 87.9 per cent of the bank’s total currency in circulation as on 31 March 2023 compared to 87.1 per cent last year.

The report added, considering the volumes, Rs 500 denomination constituted the highest share at 37.9 per cent, following the denomination of Rs 10 banknotes, which constituted 19.2 per cent of the total currency circulation as on 31 March 2023.

Furthermore, it also hinted at the increased total value of coins in circulation which stood at 8.1 per cent in 2022-2023, while the total volume increased by 2.6 per cent.

The coins of rupee one, two and five together constituted 83.1 per cent of the total volume of coins in circulation, while in value terms, their denominations accounted for 72.3 per cent, as per the report as on 31 March 2023.

The report even revealed the detection of fake Rs 500 in FY 2023 which accounted for around 91,110 pieces, a 14 per cent rise in comparison to the 79,669 pieces of fake Rs 500 detection in the preceding year.

Subsequently in FY 2022-2023, out of the total Fake Indian Currency Notes (FICNs) detected in the banking sector, 4.6 per cent belonged to the Reserve Bank and 95.4 per cent to other banks. On the other hand, the central bank reported 78,699 fake pieces of Rs 100 notes in 2022-2023, and 27,258 fake pieces against Rs 200 notes. It registered 9,806 fake pieces of Rs 2,000 notes in FY 2023.

According to the report, the counterfeit notes detected in the denomination of Rs 2,000 declined by 27.9 per cent in 2022-2023 in comparison to last year.

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reserve bank of indis denomination currency values report