The allocation of Rs 2,000 notes distributed at 2% at the end of FY21 from 2.4 percent in March 2020, reflects the Reserve Bank of India’s (RBI) annual report for 2020-21. Over the course of the year, money laundering increases in the economy with the onset of Covid-19, according to the RBI’s annual report.
A bank account of Rs 2,000 was introduced in 2016 shortly after the government’s decision to show off the old demons of Rs 500 and Rs 1,000. As of the end of FY21, 245 crore pieces of Rs 2,000 were distributed, up from 273.98 crore last year. On average, the Rs 2,000 note cost Rs 4.9 lakh crore of currency distributed in March 2021, up from Rs 5.48 lakh crore in March 2020.
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The share of Rs 500 notes on expenditure was very high at 31.1 per cent, from 25.4 per cent at the end of March 2020 and 19.8 per cent at the end of FY19. The total value of the Rs 500 notes was 3,867.9 crore. On average, Rs 500 notes account for Rs 19.34 lakh crore of currency, from Rs 14.72 lakh crore at the end-FY20. Their share price has risen to 68.4% from 60.8% last year. The share of Rs 200 notes also rose slightly to 4.7% from 4.6%.
The Rs 10 note has the second highest share after the Rs 500 note, accounting for 23.6% of all broadcast notes, though from 26.2% last year.
Total revenue increased by 7.2% to 12,436.71 crore at the end of March 2021, while the value increased by about 17 percent to Rs 28.27 lakh crore.
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The number of counterfeit notes obtained on FY21 has dropped by 30% from last year to 2.09 lakh. Of India’s counterfeit banking economies, 3.9 percent received RBI and 96.1% from other banks, the annual report said.
