500 rupees has taken the market by storm and RBI appreciates it

Rs.500 notes: After the withdrawal of Rs.2000 note which was in circulation among the big notes, Rs.500 notes are tearing the market by themselves. The Reserve Bank of India (RBI) also appreciates this. The share of Rs 500 notes has increased to 86.5 per cent in March 2024 from 77.1 per cent in March 2023 a year ago, the RBI said in a report. While the Rs 2000 note was withdrawn due to market trends, the Rs 500 note gained strength and the Rs 10 note came second, the RBI said in its annual report. The RBI's decision has reduced the share of Rs 2,000 notes to just 0.2 per cent from 10.8 per cent in the same period last year, the report said. According to RBI data, as on March 31, 2024, the highest number of Rs 500 notes was 5.16 lakh, while Rs 10 notes were second with 2.49 lakh numbers. The report said the value and volume of currency notes in circulation increased by 3.9 per cent and 7.8 per cent respectively in the financial year 2023-24 as against 7.8 per cent and 4.4 per cent respectively in the previous financial year. A RBI report on withdrawal of Rs 2000 notes said that around 89 per cent of the notes introduced after demonetisation in 2016 remained in circulation for more than four years. So there was a need to change them. Also, those notes are not generally used in transactions. According to the annual report, this withdrawal has also impacted the identification of fake notes. During this period, more than 26,000 rupees 2,000 fake notes were found, while a year ago 9,806 fake notes were identified. However, the number of fake Rs 500 notes detected has come down to 85,711 from 91,110 last year. Also read: How are votes counted and what are the rounds? While Rs 5,101 crore was spent on printing notes, the total outstanding value of the central bank's digital currency (CBDC) i.e. e-Rupee introduced on trial basis is estimated at Rs 234.12 crore, as against Rs 16.39 crore in March 2023. According to the annual report, 97.7 per cent of Rs 2,000 notes worth Rs 3.56 lakh crore held by the public were returned by March 31, 2024. In the financial year 2023-24, the RBI has spent Rs 5,101 crore on printing notes, as against Rs 4,682 crore during the same period last year. The RBI also conducted a study on currency usage among people. Of these, more than 22,000 indicated that despite the popularity of digital payment methods, cash is still 'full'. Also Read: Reliance-Tata World's Most Influential Company, Included in 'Time's Top 100' List