500 and 2000 notes
New Delhi: Even as the final numbers of the amount of withdrawn Rs 500 and Rs 1000 deposits will be known in the new year, interesting details have emerged with regard to the printing and availability of the newly minted Rs 500 and Rs 2000 notes.
For starters, it was being considered to only print Rs 2000 denomination notes and entirely scrap the Rs 500 note. The latter denomination was proposed to be withdrawn as it had been heavily counterfeited and also due to the fact that as of November 8, when the demonetisation move was announced, 473.3 million pieces worth Rs 94,660 crore in the Rs 2000 denomination had already been printed and were ready for distribution to the public.
A month later, on December 8, the total number of fresh Rs 2000 notes with the Reserve Bank of India was valued at Rs 2,83,360 crore. The total fresh notes received by the central bank in the first 30 days of demonetisation stood at Rs 3,07,785 crore. This included the new Rs 500 note, of which a total 303 million notes worth Rs 15,150 crore had been printed.
The lower amount of the new Rs 500 notes was on account of the fact that the final decision to go ahead with printing large volumes of this denomination was only “taken after November 8”, a senior functionary of the centre told BTVI.
Between November 8 and the same date of the month of December, the value of total currency with the RBI rose 56 per cent. At the beginning of this period, the total currency stock with the central bank stood at Rs 5,89,420 crore - by December 8, this had risen to Rs 1,04,197 crore.
The exact value of the withdrawn Rs 500 and 1,000 notes stood at Rs 15,44,035 crore on November 8, the RBI has told the Standing Committee on Finance of Parliament headed by Congress Lok Sabha member M. Veerappa Moily.
RBI To Parliament