500 rupee note increased RBI's tension, big disclosure
RBI news: RBI is responsible for issuing currency in the country and only RBI determines how much cash there should be in the country. Last year RBI had banned Rs 2000 note and since then Rs 500 note has become the biggest currency in the country and now this Rs 500 note has also increased the tension of RBI. Recently the Reserve Bank has made this big disclosure regarding this. Let us know about it
The Kalamkar News, New Delhi: Reserve Bank of India had banned Rs 2000 notes in May last year and since then people were standing in long queues at banks to exchange them and after this note was banned.
Rs 500 note has become the biggest currency in the country and now Rs 500 notes have increased the problems of the Reserve Bank. Rs 500 notes are becoming a headache for RBI.
RBI (Reserve Bank of India) has made a big disclosure in its annual report regarding fake Rs 500 note. According to the annual report of RBI, about 91,110 fake notes of Rs 500 were detected in the financial year 2023.
These numbers are 14.6% more than last year. There has been a continuous increase in fake notes of Rs 500. 39,453 fake notes of Rs 500 have been found in FY 2021, 76,669 in FY 2022 and 91,110 in FY 2023.
Rs 500 note increased the problem
Apart from Rs 500 note, fake notes of Rs 2000 were also recovered. The number of fake Rs 2000 notes declined by 28% to 9,806 notes. Apart from Rs 500 and Rs 2000 notes, fake notes of Rs 100, Rs 50, Rs 20 and Rs 10 have been seized.
According to the annual report of RBI, the total number of fake notes detected in the banking sector was 2,25,769. Whereas last year 2,30,971 fake notes were found. Apart from Rs 500, there has also been an increase in fake notes of Rs 20. Fake notes of Rs 20 increased by 8.4% in the financial year 2022-23.
While fake notes of Rs 20 have increased, on the other hand, fake notes of Rs 10, Rs 100 and Rs 2000 have declined.
According to the RBI report, the number of fake Rs 10 notes fell by 11.6 per cent, the number of fake Rs 100 notes declined by 14.7 per cent, while the number of fake Rs 2000 notes declined by 27.9 per cent.
How much does it cost to print notes?
Apart from fake notes, RBI has given complete details of printing on notes in its annual report. RBI has spent Rs 4,682.80 crore for printing notes in the financial year 2022-23.
Last year it was Rs 4,984.80 crore. If we talk about circulation, the highest circulation notes are Rs 10 and Rs 500. By March 31, 2023, 37.9 percent of the total currency circulation of the country in terms of volume is Rs 500 notes. After this, the share of Rs 10 note is 19.2 percent.