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Home / News / Business News / Soon, RBI to introduce varnished Rs. 100 currency notes
  • Business

    Soon, RBI to introduce varnished Rs. 100 currency notes

    Sagar Malik
    Written by
    Sagar Malik
    Twitter
    Last updated on Aug 29, 2019, 08:25 pm
    Soon, RBI to introduce varnished Rs. 100 currency notes
  • In its annual report for FY 2018-19 released today, the Reserve Bank of India (RBI) announced that it is planning to introduce varnished currency notes of Rs. 100 denomination, on a field-trial basis.

    The move is aimed at testing the life of these banknotes. The RBI believes varnished notes have a better lifespan.

    Here are more details.

  • In this article
    Varnishing to increase currency notes' life and durability: RBI Circulation of banknotes increased in both value and volume Security printing costs reduced, compared to previous year Circulation value of Rs. 500 banknote witnessed a sharp increase RBI to develop mechanism for visually-impaired for identification of banknotes
  • Quote

    Varnishing to increase currency notes' life and durability: RBI

  • "International experience suggests that varnishing of banknotes is expected to increase their life and durability, reduce banknote replacement requirements and thereby lower the overall security printing expenditure," said the Central bank.

  • Details

    Circulation of banknotes increased in both value and volume

    Circulation of banknotes increased in both value and volume
  • Giving figures about the circulation of banknotes, the RBI said that the value and volume of banknotes increased by 17% and 6.2%, to Rs. 21.1 lakh crore and 10,875.9 crore pieces, respectively, during 2018-19.

    However, the volume of smaller denomination notes, viz. that of Rs. 10 and Rs. 100 stood at 47.2% by March-end 2019 as against 51.6% at the same time in 2018.

  • Information

    Security printing costs reduced, compared to previous year

  • Further, the RBI stated that it incurred an expenditure of Rs. 4,811 crore on security printing during July 1, 2018 to June 30, 2019 period, as compared to an expenditure of Rs. 4,912 crore in the previous year.

  • Circulation

    Circulation value of Rs. 500 banknote witnessed a sharp increase

    Circulation value of Rs. 500 banknote witnessed a sharp increase
  • In terms of value, the share of Rs. 500 and Rs. 2,000 currency notes accounted for 80.2% of the total value of banknotes in circulation by March-end, 2018.

    This hiked up to 82.2% by end of March, 2019.

    Notably, the circulation (in terms of value) of Rs. 500 banknote witnessed a sharp increase in value, from 42.9% to 51%, over the past year.

  • Feature

    RBI to develop mechanism for visually-impaired for identification of banknotes

    RBI to develop mechanism for visually-impaired for identification of banknotes
  • Last but not the least, the RBI in its report said that "Aiding Visually Impaired in Identification of Denomination of Banknote" is one of its agendas for the upcoming financial year, ie. 2019-20.

    Under the plan, the Central bank is looking to develop a mechanism/device for helping the visually impaired in easily identifying the denomination of all banknotes.

  • India
  • Reserve Bank Of India (RBI)
  • Reserve Bank Of India
  • RBI
  • Central Bank of India
  •  
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