Reserve Bank of India (RBI) on Monday referred to that there would be “no change in existing forex and banknotes.” The central bank’s response came after some newspapers had stated snap shots of Bengal’s greatest icon Rabindranath Tagore and former President APJ Abdul Kalam, also acknowledged as the missile man, have been beneath consideration on a new sequence of banknotes of some denominations.
“There are reviews in positive sections of the media that the Reserve Bank of India is considering changes to the present forex and banknotes by means of changing the face of Mahatma Gandhi with that of others. It might also be mentioned that there is no such notion in the Reserve Bank,” RBI said in a notification.
Meanwhile, RBI’s annual report highlighted that the variety of financial institution notes of ₹ 2,000 denomination has gradually declined over the years to touch 214 crore or 1.6 per cent of the whole forex notes in circulation at the give up of March this year.
In price phrases also, the ₹ 2,000 denomination notes dipped from 22.6 per cent of the whole price of foreign money notes in circulation to 17.3 per cent at the cease of March 2021 and in addition to 13.8 per cent at the end of March 2022.
According to the annual report, the quantity of ₹ five hundred denomination notes in circulation rose to 4,554.68 crore at the end of March this year as in opposition to 3,867.90 crore in the year-ago period.
At present, RBI issues banknotes in denominations of ₹ 2, ₹ 5, ₹ 10, ₹ 20, ₹ 50, ₹ 100, ₹ 200, ₹ 500 and ₹ 2,000. Coins in circulation comprise 50 paise and Re 1, ₹ 2, ₹ 5, ₹ 10 and ₹ 20 denominations.
