(Image source from: businesstoday.in)
The Indian government has been focused on digital transactions and digital currency for the past few months. The usage of digital transactions too have increased remarkably after there is a cash scarcity in the country. The circulation of 2000 notes in the country declined by 12.6 percent during the end of March 2022 as per the reports. There were 24,510 lakh pieces of 2000 notes in 2021 and they have reached 21,420 in 2022 March. They were 27,398 lakh pieces in 2020 as per the data that is released officially by the Reserve Bank of India. The number of 2000 notes that are in circulation fell by 21.81 percent in the past two years.
The Reserve Bank of India did not supply any new 2000 notes in the last four years. The 2000 notes are introduced after demonetization in November 2016 after the old Rs 500 and Rs 1000 notes are banned. A new set of Rs 500 notes were introduced and Rs 1000 notes were completely banned. The valuation of Rs 2000 notes by March 2022 is said to be Rs 4,28,394 crores and it was Rs 4,90,195 crores in March 2021 and it was Rs 5,47,952 crores in the year March 2020. The RBI increased the Rs 500 notes to 4.55.468 lakh pieces this year which were 3,86,790 lakh pieces last year.
The supply of banknotes and the indent of banknotes was marginally lower as per the data released by the RBI. As per the survey, Rs 100 notes are the most preferred and Rs 2000 notes are the least preferred by the people. The RBI also said that the fake notes have increased over the years.
By Siva Kumar