Value of Indian Currency Notes + Coins Induced into Circulation in last 10 years
In one of the Macro Economic Research we are undertaking, we wanted to know what is the total value of currency in circulation in India. We spent quite some time and money to gather this information from RBI [India's Central Bank and Highest Authority on Banking]
The duty of the RBI is to place its indent for supply of fresh banknotes and coins every year with the Government Press / Mints and the Indian Government fulfill those requests. Here is the record as obtained directly from the records of the Reserve Bank of India,
| Financial Year | Notes – Value | Coins – Value |
| 1999-2000 | 56050 | 472.65 |
| 2000-2001 | 76764 | 638.63 |
| 2001-2002 | 71062 | 1026.48 |
| 2002-2003 | 94997 | 641.18 |
| 2003-2004 | 137278 | 509.25 |
| 2004-2005 | 143102 | 193.60 |
| 2005-2006 | 86040 | 0 |
| 2006-2007 | 184561 | 147.20 |
| 2007-2008 | 213620 | 534.65 |
| 2008-2009 | 302548 | 800.35 |
All figures in the above table are in INR – Crore – 1 Crore = 10 mn. Financial Year is April-1st to March-3st of the following year.
From the table above it is very clear that, as the RBI expects an uptick in the economy, there is an order for more currency being printed. Now the question arises, what is the basis on which the RBI Prints / Mints new currency in India ? Unlike, the Western World [which freely printed money last year], RBI dos it on a statistical model and trend analysis with inflation, growth, etc being some of the parameters for this model. We are currently studying the model and will share some insights later.
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