The worth and volume of banknotes in circulation elevated by 7.8% and 4.4%, respectively, throughout 2022-23 as in contrast with 9.9% and 5.0%, respectively, throughout 2021-22, the Reserve Bank of India (RBI) famous in its Annual Report for 2022-23.
In worth phrases, the share of `₹500’ and `₹2000’ banknotes collectively accounted for 87.9% of the full worth of banknotes in circulation as on March 31, 2023, as in contrast with 87.1% as on March 31, 2022.
In volume phrases, ₹500 denomination constituted the best share at 37.9%, adopted by ₹10 denomination banknotes which constituted 19.2% of the full banknotes in circulation as on March 31, 2023, the RBI mentioned.
A complete of 2,25,769 fake forex notes have been discovered each by the RBI and different industrial banks in FY23, the central bank famous. This was decrease than the two,30,971 models of fake notes discovered in the earlier yr.
“During 2022-23, 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% at other banks,” the RBI mentioned.
“Compared to the previous year, there was an increase of 8.4% and 14.4% in the counterfeit notes detected in the denominations of ₹20 and ₹500 (new design), respectively. The counterfeit notes detected in the denominations of ₹10, ₹100 and ₹2000 declined by 11.6%,” it mentioned.
The RBI clarified that the fake notes seized by police and different enforcement authorities had not been considered.
