17,600 crore notes in circulation
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Q Among the currencies in use, the US dollar and the Euro of European countries are at the forefront. However, if we look at the number of notes, the domestic currency rupee (various denominations of Rs. 1, 5, 10, 20, 50, 100, 200, 500) notes are more than these, Reserve Bank of India (RBI) Deputy Governor Shirish Chandra Murmu said. He revealed these figures at the Bank of Indonesia Cash Management Conference held in Jakarta. Currently 17,600 crore currency notes are in circulation in the country. These are 3 times more than the 5,600 crore dollar notes in circulation worldwide. The number of Euro notes is 3000 crores, which is 6 times higher than these.
3,000 crore new notes every year:Mostly low value notes are used for transactions in our country. A slightly higher price requires a larger number of notes to transact. RBI is printing new notes up to 3,000 crores annually in the country. At the same time, it destroys around 2,100 crore worth of damaged or unusable notes every year.
Cash not decreasing despite digital growth:RBI has said that even as UPI and digital transactions are booming, cash circulation in the country is registering a double-digit growth. RBI is taking steps to introduce polymer notes to reduce the cost of printing notes and exchange of old notes.
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