RBI Annual Report: Rs 2,000 Banknotes Fall In Circulation While Rs 500 Notes See Marked Jump In Share Of Total Value

In data published in the Reserve Bank of India’s (RBI’s) annual report, Rs 2,000 notes have seen in a decline in circulation, falling from 3,363 million pieces as of March end 2018, to 3,291 pieces at the end of March 2019, reports The Hindu.

In contrast to the fall, Rs 500 banknotes have seen a marked increase in circulation, climbing to 21,518 million pieces from 15,469 pieces in the same time period. The total value constituted by Rs 500 notes has also risen above 50 per cent, a sharp rise from 42.9 per cent at the end of March 2018.

On the other hand, the value of Rs 2,000 notes in circulation has come down to 31.2 per cent from 37.2 per cent earlier.

“In value terms, the share of ₹500 and ₹2,000 banknotes, which had together accounted for 80.2% of the total value of banknotes in circulation at end-March 2018, increased to 82.2% at end-March 2019,” said the report.