23
Thursday
January 2020
5:50 PM IST
News Headlines
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
Digital economy? RBI says currency in circulation soars 17% to Rs 21.1 lakh cr in FY19
 
Mumbai: Despite the many an effort to shift to digital payments and usher in a digital payment economy, the currency in circulation has jumped by a hefty 17 percent to Rs 21.10 lakh crore as of March 2019, the Reserve Bank says in its annual report for 2019. The demand for the Rs 500 bill, which is the second highest denomination after the Rs 2,000 note, has soared the highest and now accounts for over 51 percent of the value of currency in circulation, says the report released Thursday.

"The value and volume of banknotes in circulation increased by 17 percent and 6.2 percent to Rs 21.10 lakh crore and 1,08,759 million pieces, respectively, in FY19," the report says. It can be noted that one of the objectives of the note-ban of November 8, 2016 rendering as much as 86 percent of the outstanding bill useless and had a crippling impact on the economy as a whole, was to encourage digital payments and bring down the use of cash. But the public returned back as much as 99.8 percent of the cancelled notes back into the system, leading many voices to question the rationale for the very exercise itself. The annual report notes a 59 percent increase in retail electronic payment transactions to 23.3 billion.

The share of the Rs 500 bill stood at 42 percent as of end June 2018, while the same for the Rs 2,000 notes, declined in value to Rs 6.58 lakh crore as of March 2019. However, the combined basis, the share of the high value Rs 500 and Rs 2,000 bills was almost stable at 82 percent. There was a sharp fall in the instance of fake currency detections in FY19 to 3.17 lakh pieces down from 5.22 lakh in FY18 and 7.62 lakh in FY17, the RBI says. The RBI''s note printing cost has come down marginally to Rs 4,811 crore in FY19 from Rs 4,912 crore in FY18, reflecting normalisation in operations post-demonetisation.

The report says after disposing the demonetised notes, the efforts are now on disposing off the soiled notes of smaller denominations which have piled up. However, over 21,000 fake pieces each of the newly introduced Rs 500 and Rs 2,000 notes were found in the reporting year. The Reserve Bank will introduce varnished banknotes of Rs 100 denomination on a field trial basis to increase the life of the banknotes and also look at ways to make them disabled-friendly in FY20.


Looking to build new businesses in India on top of existing verticals: Canon
Rupee strengthens 2 paise to 71.19 on easing crude prices
Budget will have 'plan of action' on economy: Javadekar
India, Iran should work to expedite Chabahar Port development, connectivity to Afghanistan: Zarif
Forex reserves rise by USD 58 mn to record high of USD 461.21 bn
India, US in advance-stage talks to resolve trade issues: Goyal
Gadkari urges states to come forward in the drive for curbing accidents
IndusInd Bank down 5.44 pc to Rs 1400.60
Rupee up by 7 paise against USD
CCI directs probe against Amazon, Flipkart
Panic stricken depositors mill around bank after RBI caps withdrawal limit
US removes currency manipulator label on China ahead of inking of trade deal
Flipkart opens two warehouses in Haryana, to create over 5,000 local jobs
Rupee cuts short 5-day gaining streak; edges down 1 paise to 70.87 against dollar
Rupee extends gains by 8 paise to 70.86 against US dollar
Centre to set up panel to examine issues on royalty rates for major minerals
Tata Motors global sales dip 3 pc dip to 97,348 units in Dec
Huawei exec can be extradited to US, Canada attorney general says
Sebi brings new system audit norms for exchanges, clearing corporations
Oil PSU unions oppose BPCL disinvestment
KERALA NEWS
Kerala set to get two fab labs
 Kochi: Kerala will get two new fab labs this weekend when Chief Minister Pinarayi Vijayan inaugurate  
Sabarimala pilgrimage season ends peacefully
Mortal remains of Keralites to bring back quickly, says Union Minister V Muraleedharan
Kerala govt will continue fight against CAA: Minister
INTERNATIONAL NEWS
Trump trial opens with clash over witnesses
 Washington: The historic impeachment trial of US President Donald Trump opened with fireworks Tuesda
Trump 'would have loved' to have met Thunberg at Davos
China''s ex-Interpol chief sentenced to over 13 years in prison for corruption
Thousands of missing persons during Lanka''s civil war are ''dead'': President Gotabaya Rajapaksa
NATIONAL NEWS
India falls to 51st position in EIU's Democracy Index
 New Delhi: India slipped 10 places to 51st position in the 2019 Democracy Index's global ranking, ac
Plea filed in Delhi HC seeking contempt proceedings against 'Chhapaak' makers
Centre moves SC seeking 7-day deadline for hanging death row convicts
Court modifies Azad''s bail order, allows him to visit Delhi for medical, election purposes
Untitled Page
Rashtra Deepika LTD
Copyright @ 2020 , Rashtra Deepika Ltd.