A big news is coming out just now. The Reserve Bank of India is in the process of issuing a Rs 100 varnished note. It is reported that now the 100 rupee note will be very bright. The note was also glowing earlier, but now it has been decided to increase it further. Currently, it will be released on a trial basis. Later it is set to be taken off on a large scale. The reason behind the removal of varnished notes is to make the notes durable and safe.
If the field trial is successful, then the varnished notes will be gradually removed and the old notes will be removed. In their place, new shiny notes will come. The Reserve Bank has told about the Varnish Note in its annual report. The RBI has made several plans for the notes, of which the note bearing the varnish is also one.
The Reserve Bank wants to design the notes in such a way that even the blind people can identify with the handheld. In the report, the RBI has said, many arrangements have been made for the convenience of blind people in Indian notes. These include intaglio printing, tactile mark, different size of notes, writing capital letters on notes, different colors of notes, monochromatic color and pattern of notes.
In order to improve the currency of the notes, the RBI has set up the Banknote Liquidity Assurance Laboratory in Mumbai. The work of this laboratory is to emphasize on upgrading the notes and raising the standard. The notes are printed in different press notes of the country, all of them should have one standard and all the safety standards can be taken care of, the Banknote Movement Assurance Laboratory works on it.
In the annual report, the RBI has stated, this year has seen an increase in the number of counterfeit notes as compared to the previous year. 10 counterfeit note 20.2 percent, 20 counterfeit note 87.2 percent and 50 counterfeit note 57.3 percent have been caught. Fake notes of 500 and 2,000 have also been caught.
According to the report, 121.10 percent forged notes of 500 rupees (new notes started after demonetisation) and 21.9 percent for fake notes of 2,000 are seen. However, a good thing is that 100 counterfeit notes are already declining and a decrease of 7.5% has been observed. This may be because the new 100 notes have been issued recently.
It may be noted that from July 1, 2020 to March 31, 2021, a total of Rs 4,012.1 crore has been spent on security printing. Last year, Rs 4,377.8 crore was spent on security printing from July 2019 to June 2020. Regarding counterfeit notes, the Reserve Bank said that 3.9% of the total counterfeit notes were found in the Reserve Bank while 96.1% were found in other banks. A total of 2,08,625 counterfeit notes were on hold during 2020-21. The number was 2,96,695 in 2019-20 and 3,17,384 in 2018-19. The report says that the arrival of notes has come down by 9.7 percent this year compared to last year. From last year, this year, the supply of banknotes has decreased by 0.3%.
Reserve bank has also told about the amount of notes in which there are in the market. In value terms, the banknotes of 500 and 2,000 are in the trend of 85.7 percent. That is, 85.7 percent of the banknotes in circulation in the country are 500 and 2,000 notes. As on March 31, 2020, this volume was 83.4 percent. This has been said in the report. In terms of volume, the 500 note has the highest share and is around 31.1%. After that comes a 10 rupee note, which has a volume of 23.6 percent. This volume of notes has been reported as per the trend of March 31, 2021.