The share of Rs 500 notes in total currency by value increased to 86.5 per cent – ..

Mumbai: According to the annual report of the Reserve Bank of India, the value and number of banknotes in circulation increased by 3.9 per cent and 7.8 per cent respectively during 2023-24, as against 7.8 per cent and 4.4 per cent respectively in the previous fiscal year. The year-on-year increase was 5.6 per cent.
According to the data till March 31, 2024, the share of Rs 500 notes in the total currency has increased to 86.5 per cent in terms of value, which was 60.8 per cent in March 2020 and 77.1 per cent in March 2023.
According to the Reserve Bank’s annual report for FY 2023-24, the increase in the share of Rs 500 notes has been due to a decline in the number of Rs 2,000 notes, which had a share of just 0.2 per cent in FY 2023.
The Reserve Bank said in its annual report, ‘During 2023-24, the number of Rs 500 notes is large in terms of value, while the number of Rs 2,000 notes has decreased rapidly.
The Reserve Bank of India last year announced that the Rs. 2,000 notes are in the process of being withdrawn. However, Rs. 2,000 notes are still legal tender. The Reserve Bank said, 89 per cent of Rs. 2,000 notes have completed their life cycle of 4-5 years.