Inflation Gains Currency
September 25, 2011 4 Comments
These figures are from the ET article Inflation Gains Currency & How!Dated Sept,2011
1.) For the first time India will print as many new 1000 rs notes as 500
2.)For the first time,in value terms,the 1000 rupee notes will account for more money than 500 notes which were the mainstay of high value transactions for some time.
3. )2,000 million i.e. double the number of 100o rupees notes printer last year are to be printed this year.
4.)2,000 million i.e. half the number of last year’s 500 rupee notes are to be printed.
5.)1000 rupee notes are more convenient to use in ATM machines.Banks have reduced the number of 100 rupee notes in ATMs
6.)100 rupee note is still the most printed.Last year 4,300 million were printed and this year 6,100 million will be printed.
7.)Printing of the 50 rupee notes has been slashed to 1,200 million this year from 2,000 million last year.
8.)Banknotes of 1000 and 10000 rupees each were in circulation before independence but were demonetized in January 1946.
9.)1000,5000 and 10000 rupee notes were reintroduced in 1954 but were demonetized again in January 1978.
10.)The RBI can issue notes of face value upto 10000 rupees and coins of rupees 1000 each.