MUMBAI: Despite the withdrawal of Rs 2,000 banknotes, the general worth of the foreign money in circulation elevated from Rs 33.5 lakh crore on the finish of March 2023 to Rs 34.8 lakh crore a 12 months later – rising by Rs 1.3 lakh crore in FY24. However, the speed of development has been the slowest since 2018.
The share of foreign money in circulation as a proportion of GDP has declined in FY24 as a result of the 4 per cent enhance in CIC is slower than the projected development in GDP.Last 12 months, CIC noticed a year-on-year development of seven per cent , whereas there was an almost 10 per cent development in the 12 months earlier than owing to a splash to money through the pandemic.
Latest knowledge exhibits that through the week ended April 5, foreign money in circulation rose 0.5 per cent to Rs 35.3 lakh crore.
According to RBI knowledge on the worth of banknotes in circulation, the elevated launch of Rs 500 notes has greater than compensated for the withdrawal of Rs 2,000 notes. RBI had introduced their withdrawal on May 19, 2023.
As of March 2024, the worth of Rs 2,000 notes in circulation was solely Rs 8,202 crore, in comparison with Rs 3.6 lakh crore a 12 months in the past. However, the worth of Rs 500 notes has risen to Rs 30.1 lakh crore from 25.8 lakh crore a 12 months earlier. The Rs 500 notes now account for 86.5 per cent of all CIC (in worth phrases).
The worth of Rs 100 and Rs 200 financial institution notes additionally elevated through the 12 months to Rs 2.1 lakh crore and Rs 1.5 lakh crore, respectively, from Rs 1.8 lakh crore and Rs 1.3 lakh crore final 12 months. Some bankers anticipate CIC to extend additional through the elections.
The share of foreign money in circulation as a proportion of GDP has declined in FY24 as a result of the 4 per cent enhance in CIC is slower than the projected development in GDP.Last 12 months, CIC noticed a year-on-year development of seven per cent , whereas there was an almost 10 per cent development in the 12 months earlier than owing to a splash to money through the pandemic.
Latest knowledge exhibits that through the week ended April 5, foreign money in circulation rose 0.5 per cent to Rs 35.3 lakh crore.
According to RBI knowledge on the worth of banknotes in circulation, the elevated launch of Rs 500 notes has greater than compensated for the withdrawal of Rs 2,000 notes. RBI had introduced their withdrawal on May 19, 2023.
As of March 2024, the worth of Rs 2,000 notes in circulation was solely Rs 8,202 crore, in comparison with Rs 3.6 lakh crore a 12 months in the past. However, the worth of Rs 500 notes has risen to Rs 30.1 lakh crore from 25.8 lakh crore a 12 months earlier. The Rs 500 notes now account for 86.5 per cent of all CIC (in worth phrases).
The worth of Rs 100 and Rs 200 financial institution notes additionally elevated through the 12 months to Rs 2.1 lakh crore and Rs 1.5 lakh crore, respectively, from Rs 1.8 lakh crore and Rs 1.3 lakh crore final 12 months. Some bankers anticipate CIC to extend additional through the elections.
