New Rs 100 currency notes set to be introduced with SPECIAL feature? RBI said this
RBI today released its annual report for 2018-19, wherein it stated that it is planning to introduce varnished banknotes of Rs 100 denomination on a field trial basis.
New Rs 2000, Rs 500, even Rs 200 and Rs 50 currency notes have been introduced over a very short period of time and now, a new currency note may well be introduced as the Reserve Bank of India (RBI) is mulling the same action. RBI today released its annual report for 2018-19, wherein it stated that it is planning to introduce varnished banknotes of Rs 100 denomination on a field trial basis to increase the life of currency notes. The report under the head 'Agenda for 2019-20' said, "The Reserve Bank will introduce varnished banknotes of Rs 100 denomination on a field trial basis in order to increase the life of Indian banknotes." Notably, Varnished banknotes are used in several countries because they have a longer life.
The annual report for 2018-19 also mentioned 'Aiding Visually Impaired in Identification of Denomination of Banknotes', stating "The Reserve Bank will develop a mechanism/device for aiding the visually impaired in identification of denomination of banknotes. Indian banknotes have several features which enable the visually impaired (colour blind, partially sighted and blind people) to identify them, viz., intaglio printing and tactile mark, variable banknote size, large numerals, variable colour, monochromatic hues and patterns."
"Once the old series banknotes are withdrawn from circulation, identification of the new series banknotes will automatically become easy for the visually impaired," the report said.
It also stated about alternative technological solutions to help the visually impaired, saying "As indicated in the Statement on Developmental and Regulatory Policies of June 6, 2018, the Reserve Bank has embarked upon exploring alternative technological solutions to help the visually impaired in identifying the denomination of banknotes."
According to RBI's annual report, Rs 10 and Rs 100 banknotes constituted 47.2% of total banknotes in circulation at end-March 2019, while it was 51.6% at end-March 2018. It also added that in terms of value, Rs 500 banknotes account for 51% of the total currency in circulation and Rs 2000 banknotes account for 31% of the total currency.
The volume of Rs 2,000 notes fell from 3,363 million pieces in FY18 to 3,291 million pieces in FY19, a fall of approximately 2 per cent. On the contrary, value and volume of Rs 500 notes shot up 39 per cent each in FY19 over FY18, while its share in the total currency mix increased from 43 per cent to 51 per cent.
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The RBI further said that it incurred an expenditure of Rs 4,811 crore on security printing during July 1, 2018 to June 30, 2019 as compared to Rs 4,912 crore in the previous year. In volume terms, Rs 10 and Rs 100 banknotes constituted 47.2 per cent of total banknotes in circulation by end of March 2019 as against 51.6 per cent by end of March 2018.