look news india
During the financial year 2023-24, the circulation of currency notes in the market increased by 3.9 percent in terms of value and 7.8 percent in terms of volume. Last year this growth was 7.8 percent and 4.4 percent respectively. This information has been shown in the annual report of RBI. The share of Rs 500 notes in terms of value increased to 86.5 percent in the total currency notes circulating in the market. Its share was 60.8 percent at the end of March 2020. Which was 77.1 percent at the end of March 2023. Thus rupees are circulating in the market. There was a steady increase in 500 notes. At the end of FY 2023, the market share of Rs. 2000 notes had come down to just 0.2 percent. Rs. 2000 notes were withdrawn from circulation by RBI while its share decreased. The market share of 500 notes continued to increase.
Last year, Rs. 2000 note was withdrawn from circulation
Last year, RBI had withdrawn Rs. 2000 notes from the market. However, it is legally recognized. The life of Rs. 2000 notes is usually 4 to 5 years so about 89 percent of the notes were withdrawn from the market. Its use in currency has been phased out. By March 31, 2024, the total value of currency notes in circulation in the country will be Rs. 38.78 trillion which saw an increase of 10 trillion in the last five years.
