RBI prepared to replace currency worth ₹14,81,000 cores with newer currencies!

A bold and welcome decision by Indian Prime minister Mr.Narendra Modi! Indian government prepared to replace 15,707 million pieces of ₹500 currencies  and 6,326 million pieces of ₹ 1000 currencies of total worth ₹ 14,810 billion rupees  with newer currency notes to bring down India’s black money and counterfeit notes.See the below link for the current currency management report in India.

https://www.rbi.org.in/scripts/AnnualReportPublications.aspx?Id=1181

Below are the interesting facts related to this remarkable news.

  • The total currency value of ₹500 and ₹1000 in India as of  March 2016 is nearly equal to ₹ 14,810 billions.(₹ 14,81,000 cores)
  • When compared  to end-March 2016, the value of banknotes in circulation was ₹16,415 billions (₹ 16,41,500 cores).Of this ₹500 and ₹1000 denomination occupies 86.4% of total money worth. See below pie chart for graphical representation of this.

    denomination

    Percentage graph of Indian currency denomination