₹2,000 notes were not printed in 2019-20: RBI 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’

August 25, 2020 02:51 pm | Updated 02:51 pm IST - Mumbai

New Delhi : Specimen notes of new Rs.500 and 2000 notes in New Delhi on Tuesday. PTI photo by Shahbaz Khan(PTI11_8_2016_000338B)

New Delhi : Specimen notes of new Rs.500 and 2000 notes in New Delhi on Tuesday. PTI photo by Shahbaz Khan(PTI11_8_2016_000338B)

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.

Top News Today

Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.