The share of Rs. 500 and Rs. 2,000 notes together accounted for 87.9 percent of the total value of the banknotes in circulation, compared to 87.1 percent as on March 31, 2022, according to the Reserve Bank of India's annual report 2022 - 23.
The report added that in volume terms, Rs. 500 constituted the highest share, followed by Rs. 10 denomination banknotes, which constituted 19.2 percent of the total banknotes in circulation as of March 31, 2023.
In 2022 - 23, the total value of coins in circulation increased by 8.1 per cent, while the total volume increased by 2.6 per cent. On March 31, 2023, coins of Rs 1, Rs 2 and Rs 5 together constituted 83.1 per cent of the total volume of coins in circulation, while these denominations accounted for 72.3 per cent.
The report also found around 91,110 pieces of fake Rs. 500 notes in the past 23rd quarter of last year. This was a 14 per cent increase compare to the previous year when 79,669 pieces of fake Rs 500 notes were detected.
During the period 2022 - 23, out of the total Fake Indian Currency Notes FICNs detected in the banking sector, 4.6 per cent were detected at the Reserve Bank and 95.4 per cent at other banks.
The central bank has admitted 78,699 fake Rs. 100 notes in 2022-23 and 27,258 fake Rs. 200 notes. It has registered 9,806 fake rs 2,000 notes in the past 23 days.
In a statement, the RBI said it has decided to withdraw the 2,000 rupee notes from circulation on 19 May. The RBI said that the bank notes of 2,000 denominations will remain legal tender. RBI said it has asked banks to stop issuing of Rs 2,000 notes.
The counterfeit currency in denominations of Rs 2,000 was down 27.9 percent in 2022 - 23 when compared to the last year, the report said.