The expenditure incurred on security printing during 2024-25 increased by nearly 25 per cent to ₹6,372.8 crore as against ₹5,101.4 crore in the previous year mainly due to increase in indent for printing of banknotes, according to the RBI’s annual report released on Thursday.
The value and volume of banknotes in circulation increased by 6 per cent and 5.6 per cent, respectively, during 2024-25.
“During 2024-25, the share of ₹500 banknotes at 86 per cent, declined marginally in value terms,” said the RBI’s Annual Report for 2024-25.
In volume terms, ₹500 denomination at 40.9 per cent, constituted the highest share of the total banknotes in circulation, followed by ₹10 denomination banknotes at 16.4 per cent.
The lower denomination banknotes (₹10, ₹20 and ₹50) together constituted 31.7 per cent of total banknotes in circulation by volume.
The withdrawal of ₹2000 banknotes from circulation, initiated in May 2023, continued during the year and 98.2 per cent of ₹3.56 lakh crore in circulation at the time of announcement have returned to the banking system up to March 31, 2025.
According to the report, the value and volume of coins in circulation increased by 9.6 per cent and 3.6 per cent, respectively, during 2024-25.
Also, the value of e-rupee in circulation increased by 334 per cent during 2024-25.
Currency in circulation includes banknotes, central bank digital currency (CBDC) and coins. Presently, banknotes in circulation comprise denominations of ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, ₹500 and ₹2000.
The Reserve Bank is no longer printing banknotes of denominations of ₹2, ₹5 and ₹2000.
Coins in circulation comprise denominations of 50 paise and ₹1, ₹ 2, ₹5, ₹10 and ₹20.
On counterfeit notes, the report said that during 2024-25, out of the total Fake Indian Currency Notes (FICNs) detected in the banking sector, 4.7 per cent were detected at the Reserve Bank.
The counterfeit notes detected in the denominations of ₹10, ₹20, ₹50, ₹100 and ₹2000 declined during 2024-25, while those in ₹200 and ₹500 denominations increased by 13.9 and 37.3 per cent, respectively, as compared with the previous year.
The RBI said it is actively taking forward the process of introduction of new/upgraded security features for banknotes.
The Reserve Bank also said it has actively pursued indigenisation of banknote production over the years to reduce dependencies on foreign sources.
“With persistent efforts, all the primary raw materials used for the production of banknotes, i.e., banknote paper, all types of inks (offset, numbering, intaglio and colour-shifting intaglio ink) and all other security features are now being procured from domestic sources,” it said.
Going forward, sustaining self-sufficiency in banknote production, analytical and developmental currency research towards further strengthening the life and integrity of banknotes and understanding the trends in public preference for cash vis-à-vis other modes of payment shall continue to remain key focus areas, RBI said.
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Published on May 29, 2025
