Andhra Pradesh Chief Minister N Chandrababu Naidu has said that all big notes should be banned. Only then corruption can be eliminated. In a conversation with India Today, Chandrababu Naidu said that only less than 100 and 200 rupees should be run. Even 500 rupee notes should not come into circulation. Explain that many organizations in India are demanding a ban on big notes to curb corruption. Chandrababu Naidu has also demanded the same. Weak economies are believed to have large value class notes due to hyperprinting, while in developed economies, small value notes are sufficient due to strong currency and digital payments.
India wants to follow this model. However, this notion is not completely correct. Large value class notes are in circulation in developed countries such as Brunei, Singapore and Switzerland, which has been possible due to their strong economies and effective economic policies. Many countries also use small notes to prevent money laundering. In contrast, there are some developing countries that use small value notes. It depends on monetary policy, economic stability. Let us tell you what values i.e. how many big notes are in circulation in some selected countries of the world.
America:
Developed economies like America, Europe, Japan, Switzerland have more money purchasing power. Therefore, small value notes are sufficient for transactions here. The largest note in the US is $ 100 (about ₹ 8,400), which is sufficient for everyday and large transactions.
China:
The largest currency note in China is 100 CNY. Its price is around 13.80 USD depending on the exchange rate.
Britain:
The largest currency notes in Britain are 50 pounds (GBP) note. It costs $ 63 at exchange rate based on US dollar.
Bank of England issues some special notes, such as £ 100,000,000 “Titan” note. But this is only for internal banking purposes and is not in general circulation.
Switzerland:
Switzerland is also counted among developed economies. But some big notes are in circulation here. In Switzerland, CHF is 1,000 (about) of the largest note, but due to its high purchasing power it handles large transactions.
Germany:
The euro is currently the official currency of Germany, as Germany is part of the European Union. The largest bank note in circulation in the euro region is 500 euros. Although the European Central Bank announced in 2016 that the 500 euro note would be closed in a phased manner by 2019, it is still legally valid and in vogue.
Japan:
Japan’s currency is Japanese Yen (JPY). Japan’s largest bank note is currently 10,000 yen in circulation, priced at Rs 6,000-7,000 in Indian rupees (based on exchange rate). The note has been re -released on 3 July 2024 with a new design.
Singapore:
Singapore is one of the developed economies of the world. 10,000 Singapore Dollar notes are in circulation here. The price of a Singapore dollar is $ 7400 in US $ 10,000. However, the Singapore government has stopped issuing new notes after 2021 to prevent money laundering. But the notes present in the market are in trend as a valid currency.
Brunei:
The biggest note in Brunei is $ 10,000. This note is in circulation in Brunei Darussalam and is generally valid currency. It costs around US $ 7500.
United Arab Emirates:
1000 (AED) currency is the largest note in the UAE, known as the world’s trading capital. Its price in US dollars is around $ 272.
Pakistan:
The largest currency note in Pakistan is Rs 5,000 (PKR). Depending on the current exchange rates, it costs just $ 17.80 in US dollars.
Countries with PKR 5000 weak economy or hyperprinting require high value class notes, as the actual purchasing power of currency is greatly reduced in these countries.
Venezuela: 10,00,000 bolvar note was issued in 2018 due to hyperineflation, but its price was some St. USD. After 2021, Venezuela has issued new notes in the price classes of 2, 5, 10, 20, 50 and 100 bolvar.
Zimbabwe: In 2008-09, inflation was at its peak in this African country. During this time the currency of this country had almost become useless. Then Zimbabwe issued a 100 trillion Zimbabwe Dollar note, which was equal to some rotis. Now Zimbabwe has adopted USD and other currencies. Currently 2, 5, 10, 20, 50, 100 and 200 are Zimbabwe.
Iran: Iran’s currency is Iranian riyal. Here 10,00,000 (one million) Iranian riyal note is in circulation. But its price is very low against the dollar.
500, 1000 and 2000 notes have been closed in India
Let us tell you that the old 500 and 1,000 rupee notes have been discontinued under the demonetisation declared by Prime Minister Narendra Modi in India on 8 November 2016. This decision was taken to curb black money, fake currency and corruption. After this, the Reserve Bank of India issued new notes of 500 and 2,000 rupees.
The process of excluding the new 2,000 rupee notes began on 19 May 2023, when the RBI announced to withdraw them as a valid currency. People were allowed to deposit or replace Rs 2,000 notes in banks by 30 September 2023, although the deadline was later extended to 7 October 2023. According to RBI, 98.18 percent of notes have been returned.
