One in three banknotes in circulation is Rs 500: RBI annual report
There were more banknotes in circulation in 2020-2021 than the previous year as people hoarded money in the midst of a pandemic, with Rs500 banknotes accounting for over 31% of the total.
The share of Rs 500 banknotes, in terms of volume, increased from 25.4% in 2020. It was only around 15% in 2018.
In terms of value, the Rs 500 banknotes represent 68.4 percent of the total value of banknotes in circulation. In 2020, this share was 60.8% and in 2019 it was 51%. The share of Rs 2,000 banknotes, however, has declined in both value and volume.