With the country's GDP size increasing in quantitative terms, there could be need for more currency in the economy, a source said here Thursday. Following demonetisation in November 2016, when the government junked high value currency notes of denominations 500 and 1,000, there was a shrinkage of currency in the system. Now, with the growth in Gross Domestic Product (GDP), there may be a need for more currency, the source said.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Post-demonetisation, the government re-introduced Rs 500 banknote but the Rs 1,000 currency note was discontinued. However, banknotes of denomination 2,000 was introduced during the period.

The source said there has been a decline in counterfeit notes and whatever little is in circulation is "very crude counterfeiting".