![]() Make all income tax determinations in your functional currency. Coins in circulation comprise 50 paise and ₹1, ₹2, ₹5, ₹10, and ₹20 denominations.The business books and records are not kept in the currency of the economic environment in which a significant part of the business activities is conducted. The Currency in Circulation (CiC) includes banknotes and coins. The value and volume of bank notes in circulation increased by 9.9% and 5%, respectively, during 2021-22 as compared to 16.8% and 7.2%, respectively, during 2020-21," the report said. ![]() "In value terms, the share of Rs 500 and Rs 2000 notes together accounted for 87.1 per cent of the total value of bank notes in circulation as on March 31, 2022, as against 85.7 per cent at end-March, 2021," the report said. The total value of currency notes in circulation of all denominations rose to ₹31.05 lakh crore at the end of March this year from ₹28.27 lakh crore at the end of March 2021. In value terms, these notes rose from 60.8% to 73.3% from March 2020 to March 2022. ![]() The ₹500 denomination notes accounted for 31.1% share at the end of March 2021 and 25.4% as of March 2020. "In volume terms, Rs 500 denomination constituted the highest share at 34.9 per cent, followed by Rs 10 denomination bank notes, which constituted 21.3 per cent of the total bank notes in circulation as on March 31, 2022," the annual report for 2021-22 released on Friday said.
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