Yesterday, the Reserve Bank of India (RBI) has given big information about the Rs 500 note. RBI said that the share of Rs 500 denomination notes in the total currency in circulation increased to 86.5 percent by March 2024, while it was 77.1 percent in the same period a year ago. This information has been given in the annual report of the central bank. In terms of value, the increase in the number of bank notes in circulation is the lowest in recent years.

The main reason for this rise is said to be the announcement of withdrawal of 2,000 rupee note in May last year. Due to this decision, the share of 2,000 rupee note decreased from 10.8 percent in the same period a year ago to just 0.2 percent.

As of March 31, 2024, the maximum number of 5.16 lakh notes of Rs 500 will be in circulation

According to the data shared in the RBI’s annual report, as of March 31, 2024, the highest number of 5.16 lakh notes of Rs 500 were in circulation in terms of quantity, while Rs 10 notes stood second with 2.49 lakh notes. The report says that the value and quantity of bank notes in circulation increased by 3.9 percent and 7.8 percent respectively in the financial year 2023-24, whereas in the previous financial year this growth was 7.8 percent and 4.4 percent respectively.

Also Read: Pan Card Rule: Your child’s PAN card will be made easily, this is the complete process of applying

Regarding the withdrawal of 2,000 rupee notes, this report says that about 89 percent of the notes of this denomination introduced after demonetization in 2016 were in circulation for more than four years and hence needed to be replaced. Apart from this, those notes were not commonly used in transactions.

Over 26,000 fake notes of Rs 2,000 seized

According to the annual report, this withdrawal has also had an impact on the detection of counterfeit notes. During this period, more than 26,000 counterfeit notes of Rs 2,000 were caught while 9,806 counterfeit notes were identified a year ago. However, the number of counterfeit notes of Rs 500 caught decreased from 91,110 a year ago to 85,711.

According to the annual report, 97.7 per cent of the total Rs 2,000 notes worth Rs 3.56 lakh crore in circulation with the public were returned by March 31.

Total outstanding value of e-Rupee is Rs 234.12 crore

The total outstanding value of the Central Bank Digital Currency (CBDC) i.e. e-Rupee introduced on a pilot basis has been estimated at Rs 234.12 crore, while it was Rs 16.39 crore in March 2023. In the financial year 2023-24, RBI spent Rs 5,101 crore on printing, while Rs 4,682 crore was spent in the same period a year ago. The Reserve Bank also conducted a survey on the use of currency among the people. In this, more than 22,000 respondents indicated that cash is still ‘in vogue’ despite the popularity of digital payment methods.

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Many times it happens that even while withdrawing money from ATM, mutilated or old notes are found. In such a situation people get worried. But you don’t need to worry. For this you must see the RBI guideline . This will solve your problem and your difficulties will also go away.

Notes of 100, 200, 500 rupees are issued by the Reserve Bank of India, but after the demonetization across the country, many types of viral and fake news about the notes keep coming to the fore. If you also want to replace old or mutilated notes, now you can do this easily. For this you can contact your nearest branch. There you can exchange notes and coins. If two notes have the same serial number, will they be considered valid?

In this regard, the Reserve Bank says that it is possible that two or more bank notes may have the same serial number, but either have different inset letters or different printing years or different governors of the Reserve Bank of India. Can. An inset letter is a character printed on the number panel of a banknote. Notes can also be without any inset letter.

These are the ways to identify fake notes

The Reserve Bank has told in its guideline to identify the new 500 note that a few days ago it was being claimed in a message that the note of 500 rupees is fake, in which the green strip is not near the signature of the RBI governor, but of Gandhiji. Near the picture. Describing it as fake, PIB tweeted that both types of notes are valid. Also RBI has shared a PDF to help common citizen to find difference between genuine vs fake Rs 500 notes.

How to identify unfit notes

1. If the notes have become very dirty and there is a lot of soil in them, then in such a situation they are considered unfit.
2. Many times, due to the long use of notes, the notes become loose or loose. Such notes become unfit.
3. Notes torn from edge to center are unfit.
4. If the area of ​​dog ears made in the note is more than 100 square millimetres, then it will be considered unfit.
5. Notes which have holes larger than 8 square millimeters are considered unfit notes.
6. Any graphic change in the note is considered as unfit note.
7. If the ink of the pen is smeared on the note, then it is an unfit note.
8. If the color of the note fades, then it is an unfit note.
9. If there are things like tape, glue on the note, then such note is considered unfit.
10. If the color of the note changes, then in such a situation such note is considered unfit.

Know what the rule of RBI says?

According to the new rules of the Reserve Bank, if you also have old or mutilated notes of 500 rupees, then you do not need to worry at all. Now you can exchange such notes by visiting any branch of the bank. If a bank employee refuses to exchange your note, then you can also file a complaint about this. You have to keep in mind that the worse the condition of the note, the less its value decreases.

keep these things in mind

According to RBI, any torn note will be accepted only when a part of it is missing, or which consists of more than two pieces and is pasted together, provided that no essential part of it is missing. If some special parts of the currency note, such as the name of the issuing authority, guarantee and promise clause, signature, Ashoka Pillar, Mahatma Gandhi’s picture, water mark, etc. are also missing, then your note will not be exchanged. Soiled notes which have become unusable due to circulation in the market for a long time can also be exchanged.

You can change notes like this

Tell that if you have a lot of burnt notes, or notes stuck together, then they can also be changed from the RBI office, but the bank will not take them, you will have to take them to the issue office of RBI. It has to be remembered that these things will definitely be checked by the institution that the damage to your note is genuine and not intentionally damaged.

The post RBI issued new guideline regarding Rs 500 rupee note, Check the new guideline, otherwise… first appeared on Rightsofemployees.com.

Many times it happens that even while withdrawing money from ATM, mutilated or old notes are found. In such a situation people get worried. But you don’t need to worry. For this you must see the RBI guideline . This will solve your problem and your difficulties will also go away.

Notes of 100, 200, 500 rupees are issued by the Reserve Bank of India, but after the demonetization across the country, many types of viral and fake news about the notes keep coming to the fore. If you also want to replace old or mutilated notes, now you can do this easily. For this you can contact your nearest branch. There you can exchange notes and coins. If two notes have the same serial number, will they be considered valid?

In this regard, the Reserve Bank says that it is possible that two or more bank notes may have the same serial number, but either have different inset letters or different printing years or different governors of the Reserve Bank of India. Can. An inset letter is a character printed on the number panel of a banknote. Notes can also be without any inset letter.

These are the ways to identify fake notes

The Reserve Bank has told in its guideline to identify the new 500 note that a few days ago it was being claimed in a message that the note of 500 rupees is fake, in which the green strip is not near the signature of the RBI governor, but of Gandhiji. Near the picture. Describing it as fake, PIB tweeted that both types of notes are valid. Also RBI has shared a PDF to help common citizen to find difference between genuine vs fake Rs 500 notes.

How to identify unfit notes

1. If the notes have become very dirty and there is a lot of soil in them, then in such a situation they are considered unfit.
2. Many times, due to the long use of notes, the notes become loose or loose. Such notes become unfit.
3. Notes torn from edge to center are unfit.
4. If the area of ​​dog ears made in the note is more than 100 square millimetres, then it will be considered unfit.
5. Notes which have holes larger than 8 square millimeters are considered unfit notes.
6. Any graphic change in the note is considered as unfit note.
7. If the ink of the pen is smeared on the note, then it is an unfit note.
8. If the color of the note fades, then it is an unfit note.
9. If there are things like tape, glue on the note, then such note is considered unfit.
10. If the color of the note changes, then in such a situation such note is considered unfit.

Know what the rule of RBI says?

According to the new rules of the Reserve Bank, if you also have old or mutilated notes of 500 rupees, then you do not need to worry at all. Now you can exchange such notes by visiting any branch of the bank. If a bank employee refuses to exchange your note, then you can also file a complaint about this. You have to keep in mind that the worse the condition of the note, the less its value decreases.

keep these things in mind

According to RBI, any torn note will be accepted only when a part of it is missing, or which consists of more than two pieces and is pasted together, provided that no essential part of it is missing. If some special parts of the currency note, such as the name of the issuing authority, guarantee and promise clause, signature, Ashoka Pillar, Mahatma Gandhi’s picture, water mark, etc. are also missing, then your note will not be exchanged. Soiled notes which have become unusable due to circulation in the market for a long time can also be exchanged.

You can change notes like this

Tell that if you have a lot of burnt notes, or notes stuck together, then they can also be changed from the RBI office, but the bank will not take them, you will have to take them to the issue office of RBI. It has to be remembered that these things will definitely be checked by the institution that the damage to your note is genuine and not intentionally damaged.

The post 500 Rupee Note Holders Alert: Big news! RBI issued new guideline regarding Rs 500 rupee note, Check the new guideline, otherwise… first appeared on Rightsofemployees.com.