Rupee Banknotes Outnumber Dollar Bills by Nearly Threefold
The Reserve Bank of India (RBI) has revealed that there are nearly three times as many Indian rupee banknotes in circulation as US dollar bills, and almost six times as many as euro notes. This is according to RBI deputy governor Shirish Chandra Murmu, who spoke at a cash management conference in Jakarta on August 13.
Murmu stated that the RBI produces between 28 and 30 billion banknotes annually across six denominations, and disposes of roughly 21 billion pieces each year. As of today, there are 176 billion banknotes in circulation in India, compared to approximately 56 billion US dollar bills and 30 billion euro notes.
The RBI is exploring ways to extend the life of banknotes, including surface coatings on the substrate and polymer notes for lower denominations. The central bank is also working to reduce the cost of replacing them by improving the efficiency of its distribution network and finding better uses for banknote briquettes after disposal.