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Rs 500 note tightens hold as most circulated currency, show RBI data

The number of counterfeit notes in the Indian banking system marginally declined in 2022-23 compared with the previous financial year

rupee, indian rupee, indian currency

Photo: Bloomberg

Manojit Saha

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The share of Rs 500 bank note in circulation increased further to 77.1 per cent as of March 2023, from 73.3 per cent a year ago. But, the share of Rs 100, Rs 200, and Rs 2,000 notes fell in Fy23.

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No e Rs 2,000 note in circulation
 
The Reserve Bank of India (RBI), which started a pilot on central bank digital currency (CBDC) in 2022, pumped digital notes in several denominations – Rs 0.5, Rs 1, Rs 2, till Rs 500. However, digital Rs 2,000 notes were not issued for circulation. A total of Rs 16.39 crore of CBDC is in circulation, of which the wholesale segment contributed Rs 10.69 crore. The e-Rs 500 has the highest share in the retail segment, at 47.5 per cent. The first pilot for Retail eRupee was announced on December 1, 2022. “The results of both the pilots, so far, have been satisfactory and in line with expectations,” RBI said in its annual report for 2022-23.
 
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Total counterfeit notes down, but forged Rs 500 notes surge
 
The number of counterfeit notes in the Indian banking system marginally declined in 2022-23 compared with the previous financial year. The Rs 500 denomination bank notes continue to have the highest share among counterfeit notes.


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First Published: May 30 2023 | 11:29 PM IST

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