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Mumbai, Aug. 29 In 2007-08, the value of banknotes in circulation rose by 17.2 per cent (17.6 per cent during 2006-07), whereas the volume of banknotes rose by 11 per cent (5.2 per cent).

The growth in volume of banknotes continued to be lower than that in value terms, which reflects the gradual compositional shift towards higher denomination banknotes, particularly Rs 1,000 and Rs 500, said the Reserve Bank of India, in its Annual Report 2007-08, released today.

While the volume of Rs 500 denomination banknotes increased by 16.7 per cent (23.6 per cent) that of Rs 1,000 denomination banknotes rose by 50.7 per cent (45.7 per cent).

The volume of Rs 500 notes in circulation as on end-March 2008 was 526.2 crore against 450.8 crore as on end-March 2007. The value was Rs 2,63,108 crore as on end-March 2008 against Rs 2,25,400 crore as on end-March 2007.

Similarly, the volume of Rs 1,000 notes was 141.2 crore as on end March 2008 against 93.7 crore as on March 2007. The value was Rs 1,41,219 crore as on-end March 2008, against Rs 93,676 as on end-March 2007.

The volume Rs 10 denomination banknotes increased by 30.4 per cent, due to sustained efforts to infuse a greater number of fresh banknotes into circulation, to bring about an improvement in the quality of these banknotes, said RBI.

As a result of efforts to release the stock held with currency chests, the volume of banknotes in the denominations of Rs 2 and Rs 5 also increased by 23.2 per cent. However, the volumes of banknotes of denominations of Rs 20, Rs 50 and Rs 100 deceased marginally as compared to the earlier year, said the Reserve Bank of India.

More Stories on : RBI & Other Central Banks

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