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

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

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MUMBAI: Foreign money notes of Rs 2,000 denomination weren’t printed in 2019-20 and the circulation of those notes have declined through the years, in keeping with RBI’s annual report.
The variety of Rs 2,000 forex notes in circulation has come down from 33,632 lakh items at end-March 2018 to 32,910 lakh items at end-March 2019 and additional to 27,398 lakh items at end-March 2020, the RBI Annual Report mentioned.
The variety of items of Rs 2,000 denomination notes constituted 2.Four per cent of the overall quantity of notes at end-March 2020, down from three per cent at end-March 2019 and three.three per cent at end-March 2018.
In worth phrases additionally, the share has got here all the way down to 22.6 per cent at end-March 2020, from 31.2 per at end-March 2019 and 37.three per cent on the end-March 2018.
However, the circulation of forex notes of denomination of Rs 500 and Rs 200 has gone up considerably, each when it comes to quantity and worth over the three years starting 2018.
The RBI report additional revealed that no indent for printing of Rs 2,000 forex notes was made throughout 2019-20 and no contemporary provides have been made by BRBNMPL (Bharatiya Reserve Financial institution Be aware Mudran Personal Restricted) and SPMCIL (Safety Printing and Minting Company of India Restricted).
“The indent of banknotes for 2019-20 was decrease by 13.1 per cent than that of a yr in the past.
The availability of banknotes throughout 2019-20 was additionally decrease by 23.three per cent than within the earlier yr primarily as a result of disruptions brought on by the outbreak of COVID-19 and the following lockdown,” it mentioned.
On Rs 500 denomination notes, the RBI mentioned indent for printing of 1,463 crore items have been issued and 1,200 crore items have been provided throughout 2019-20. This compares with indent of 1,169 crore items and 1,147 crore provide throughout 2018-19.
The order was additionally given to BRBNMPL and SPMCIL for printing forex notes of Rs 100 (330 crore items), Rs 50 (240 crore items), Rs 200 (205 crore items), Rs 10 (147 crore items) and Rs 20 (125 crore items) throughout 2019-20. A lot of them have been additionally provided throughout the fiscal for circulation.
The report additionally mentioned that in 2019-20, out of the overall Pretend Indian Foreign money Notes (FICNs) detected within the banking sector, 4.6 per cent have been detected on the Reserve Financial institution and 95.Four per cent by different banks. A complete of two,96,695 items of counterfeit notes have been detected.
In comparison with the earlier yr, there was a rise of 144.6 per cent, 28.7 per cent, 151.2 per cent and 37.5 per cent in counterfeit notes detected within the denominations of Rs 10, Rs 50, Rs 200 and Rs 500 [Mahatma Gandhi (New) Series], respectively.
Counterfeit notes detected within 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 report mentioned.
The variety of counterfeit notes of Rs 2,000 detected was 17,020 items over the past fiscal, down from 21,847 in 2018-19.
The Reserve Financial institution additionally mentioned it has undertaken a number of initiatives to introduce varnished banknotes in Rs 100 denomination on a subject trial foundation.
Nevertheless, the method of printing of those notes has been delayed attributable to disruptions brought on by the COVID-19 pandemic and sure different developments.

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