Selling price of bank notes in the denomination of ₹20, ₹50, ₹100 and ₹200 has gone up in FY22. However, for notes in the denomination of ₹500, the prices have remained unchanged.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
Key points:
- Selling price for 1,000 pieces of ₹50 recorded a maximum increase of around 23 per cent in FY22 over FY21, while that of ₹20 registered the lowest increase of a little over 1 per cent, according to information sourced through RTI from the Bharatiya Reserve Bank Note Mudran Ltd (BRBNML).
- Although notes of ₹500 denomination are the highest in terms of volume (34.9 per cent of all denomination) among all the paper notes in circulation, and also in terms of value (73.3 per cent of value of all denomination), their selling price has not seen any change in FY22 and FY21.
Interestingly, even as RBI spent ₹4,984.8 crore, which is 24 per cent more than it did in FY21 (₹4,012.09 crore), the total supply was lower. The overall cost of printing currency in FY22 was the second highest, after an all-time high of around ₹8,000 crore during the year of demonetisation (2016-17).
Extra info:
- There are four presses, of which two are owned by the RBI through its wholly owned subsidiary, BRBNML, while the remaining two come under the ownership of the Central government, operated through its wholly owned company, Security Printing & Minting Corporation of India Limited (SPMCIL).
- BRBNML presses are situated in Mysuru and Salboni (eastern India).
- The government-owned presses are at Nasik and Dewas (central India).
- Coins are minted in four mints owned by the Centre, located in Mumbai, Hyderabad, Calcutta and Noida.
Celebrating Good Governance Day- Honouri...
President Appoints New Governors For Fiv...
December 25th Current Affairs Challenge
