500 rupee note increased RBI's tension, Governor said this
RBI news: After demonetization of 2000 rupee note, now the biggest currency in the country is 500 rupee note and now the note has also increased the tension of RBI. Expressing concern about these notes, the RBI Governor has said this big thing. Let us know what this whole matter is.
The Kalamkar News, New Delhi: On May 19, 2023, the Reserve Bank of India (RBI) decided to demonetize Rs 2000 notes. The process of their refund has also started in all the banks of the country.
Now a big revelation has also been made in the annual report of RBI regarding Rs 500 notes.
This problem related to Rs 500 notes has come to light in front of the Central Bank even before the deadline of September 30 for exchanging Rs 2,000 notes is over.
In fact, after the ban on pink notes of Rs 2000, this currency note, the largest in the country, is now becoming a big headache for the Reserve Bank.
According to the report, the infiltration of fake Rs 500 notes is continuously increasing. About 91 thousand 110 fake notes of Rs 500 were detected in 2022-23, which is 14.6 percent more than in 2021-22.
In 2020-21, 39,453 fake notes of Rs 500 were detected. Whereas in 2021-22, fake notes worth Rs 76 thousand 669 were caught.
Number of fake notes of Rs 2000 decreased.
In the cases of recovery of fake notes, apart from Rs 500 notes, fake notes of Rs 2000 were also included. However, there has been a decrease in their number and in the financial year 2022-23, the number of fake notes of Rs 2000 decreased by 28 percent to 9 thousand 806 notes.
Apart from 500 and 2000 rupee notes, fake notes of 100, 50, 20 and 10 rupees have also been seized. According to the RBI report, the total number of fake notes detected in the banking sector was 2 lakh 25 thousand 769, whereas last year 2 lakh 30 thousand 971 fake notes were found.
Infiltration of fake notes of Rs 20 has increased
Apart from Rs 500, there has also been an increase in the number of fake notes of Rs 20. There has been an increase of 8.4 percent in fake notes of Rs 20 in 2022-23.
Whereas the number of fake notes of Rs 10 has decreased by 11.6 percent, the number of fake notes of Rs 100 has decreased by 14.7 percent.
Apart from fake notes, RBI has also given complete information about printing on notes in its annual report. RBI had spent a total of Rs 4 thousand 682.80 crore for printing notes in 2022-23. Printing expenditure in 2021-22 was Rs 4 thousand 984.80 crore
Rs 10 and Rs 500 notes have a large share in circulation.
If we talk about circulation, then Rs 10 and Rs 500 notes have the highest circulation. 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. In such a situation, it is a big responsibility of RBI to clean fake Rs 500 notes from the system.