On a average A 500 Rupee note don’t last 5 years. It has to be printed again. Central Banks has spent more than 46000 Crores in last 10 years on printing money.
Many of us, may have not used physical currency for weeks. But it is still runs the economy in rural India. So whenever currency gets soiled or torn or demonetised then its get back to Reserve Bank of India (RBI). In FY 2022-23, currency notes worth more than 4 lakh crore has came back to Reserve Bank of India. E-Rupee is expected to reduce the expenditure on printing notes. As of FY 2022-23, only 16.49 crore are in digital form (E-Rupee).
Rs 46,000 crore spent on printing notes in 10 years
RBI also decides the amount of currency to be kept in the system. Annualy RBI spends thousands of Crores to printing the currency notes. Ten years ago, in the year 2013-14, Rs 3214 crore was spent on printing notes. At the same time, in the last year 2021-22, this expenditure has increased to 4,682 crores. On the other hand, in the year 2017-18 of demonetisation, RBI has spent Rs 7,965 crore for printing fresh currency.
Rs 10 and 50 has shortest life span
RBI has appointed a committee to look into the issue of mutilated and soiled notes. The committee found that Rs 10 and Rs 50 notes last only for 2.6 years. At the same time, Rs 20 and Rs 100 notes last one year more i.e 3.6 years and , the lifespan of Rs 500 and Rs 1,000 notes is of 4.6 years.
Indian Currency worth Rs 4.62 lakh Cr destroyed in the year 2022-23
RBI receives lakhs of crores of rupees worth of soiled, crushed, and torn notes every year.In the year 2022-23, more than 2297 Crore currency notes get back to RBI. In terms of value the turns out to be 4,62 lakh crore rupees.
How E-rupee will help RBI to expenditure
Banks are mandated to reserve some currency to maintain various obligation issue by RBI. So RBI need to print certain amount of currency every year to fulfill the liquidity demands.
In addition to that, there is significant cost to maintaining the cash in chest, even it is not required for transaction to common people.
As more and more transaction are happening online, it is expected that demand of physical currency notes will also subside over a period of time.
In its annual report 2022-23,the Reserve Bank of India (RBI) has mentioned that pilots of digital rupee (e-rupee) or Central Bank Digital Currency (CBDC) has met the expectations. Focusing on deeper financial penetration and inclusion, last year Reserve Bank of India (RBI) launched a pilot project for the digital rupee in both wholesale and retail segments.
What is E-Rupee or CBDC ?
One should thanks to buzz around the world for cryptocurrencies for e-Rupee. In the year 2017, the concept of Central Bank Digital Currency(CBDC) was floated in a high-level inter-ministerial committee in 2017 to counter cryptos.
Three years later, in 2020, RBI set up a working group to provide recommendations on CBDC.On 1st November, 2022, the central bank launched a pilot project for digital rupee in both the wholesale and retail segments.
What is total amount of e-Rupee (Digital Indian Currency) in the system ?
As per March 2023, total 16.39 crore worth of e-Rupee in circulation. The major portion worth 10.69 Cr deals in e-Rupee (wholesale) and rest 5.7 cr is in e-Rupee (Retail).
Why do we need Digital Rupee (e-Rupee) ?
During the launch of pilot project RBI has mentioned that it will reduce the cost of RBI.
There is significant cost involved in printing, distributing and replacing currency.
According to the RBI report, in the FY 2023, notes 2297 crores notes were returned back to the
system. Furthermore, in the same time span Rs 46,000 crore was spent on printing of currency.
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