High-powered money comprises of:

Notes and coins in circulation with Public and Vault cash of Commercial Banks and deposits held by Government and Commercial Banks with RBI.

High-powered money basically refers to the liability of the monetary authority of the country. A monetary authority is an entity that manages a country's currency and money supply. The Reserve Bank of India is the monetary authority of India. It consists of currency (notes and coins in circulation with the public and vault cash of commercial banks) and deposits held by the Government of India and commercial banks with RBI.