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October 22, 2016

Important : RBI released ₹2,000 Bank Notes

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The Reserve Bank of India (RBI) has recently completed preparations for introducing this new high-value currency. The Banknotes of the denomination of ₹2,000 will be in circulation soon. The notes have already been printed, and their despatch from the currency printing press in Mysuru has commenced.  So soon you will find yourself transacting with this high value currency. The move assumes significance in the wake of a demand from some quarters that notes of ₹1,000 and ₹500 denominations be withdrawn to prevent hoarding of black money.
Important Points to Note :
  • The highest denomination note printed by the RBI was the ₹10,000 note in 1938 and in 1954. 
    • They were demonetised in 1946 and 1978, respectively.
  • It costs a little over ₹3 to produce a ₹1,000 note, the lowest in terms printing costs as a proportion of value. 
    • Printing notes of smaller denominations is relatively more costly.
  • As of March 2016, the value of banknotes in circulation was ₹16,41,500 lakh crore, an increase of 14.9 per cent over the previous year.
  • In value terms, ₹500 and ₹1,000 notes together accounted for 86.4 per cent of the total value of notes in circulation.
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