500 rupees note is the most in circulation
In 2021-22, the demand for banknotes has decreased by about 2 percent. The same is the case with coins. The demand for coins has declined by 73 per cent in 2021-22 due to pre-existing stocks and lack of demand in recent years.
Cashless payment in the country (Cashless Payment) there has been a big jump. But it did not happen that the circulation of notes and coins has stopped. In a survey, it has been found that despite the payment from the UPI app, the 100 rupee note remains the favorite of the people. This note is given the highest priority in transactions. The 2000 rupee note shining in pink is the least in circulation, while the maximum 500 rupee note is being used. Reserve Bank of India ,RBIThis thing has come to the fore in a study of . This survey has been done in rural, semi-urban and urban areas of 28 states.
It was found in the survey that 3 percent of the people do not recognize the security feature printed on the notes. Even these 3 percent people are not aware of Mahatma Gandhi’s watermark image or security thread. Among the coins, the 5 coin is given the most preference, while the 1 rupee coin is used the least. Regarding the reason for this, experts say that 90 percent of the country’s population is low-income. The purchasing power of this population is between Rs 100 and Rs 300. People trust in cash transactions more than digital on such purchases.
Why the demand for coins decreased
In 2021-22, the demand for banknotes has decreased by about 2 percent. The same is the case with coins. The demand for coins has declined by 73 per cent in 2021-22 due to pre-existing stocks and lack of demand in recent years. The main reason for this is the rapid increase in digital transactions and the very low circulation of coins. In many places, the price of the product was made in round value, due to which the use of coins has started decreasing. If the price of an item is Rs 99, then the coin can be seen in it. But if the same item becomes 100 rupees, then the coin will automatically go out and people will buy by giving 100 notes.
500 note most in circulation
RBI’s report says that in 2021-22, the maximum amount of Rs 500 note has increased in notes. The reason for this is believed to be that people want to keep 500 rupees note with them the most. During the second wave of Corona, people deposited money for emergency. People were seen avoiding 2000 rupees note because it is difficult to open it soon. People kept 500 rupees notes with them for emergency, now the same notes are seen in most use. In the low income group, Rs 100 and Rs 500 notes are seen in the most circulation in those with more income.