By Express News Service
MUMBAI: There may be more fake Rs 500 notes in circulation than 2,000 denomination notes, according to the Reserve Bank of India’s latest annual report released on Tuesday.
The volume of counterfeit Rs 500 notes swelled a disturbing 14% in 2022-23 to 91,110 pieces compared to 79,669 pieces detected in the previous year, the RBI report said.
In contrast, the number of fake Rs 2,000 notes, which is in the process of being withdrawn from circulation declined from 13,604 pieces to 9,806 during the same period.
“Compared to the previous year, there was an increase of 8.4% and 14.4% in the counterfeit notes detected in the denominations of Rs 20 and Rs 500 (new design), respectively. The counterfeit notes detected in the denominations of Rs 10, Rs 100, and Rs 2,000 declined by 11.6%,” it said.
Taken together, the number of fake notes in all denominations witnessed a marginal decline of 2% in FY23. The total number of fake Indian currency notes detected in the banking sector fell to 2,25,769 pieces in 2022-23 from 2,30,971 pieces in 2021-22.
MUMBAI: There may be more fake Rs 500 notes in circulation than 2,000 denomination notes, according to the Reserve Bank of India’s latest annual report released on Tuesday.
The volume of counterfeit Rs 500 notes swelled a disturbing 14% in 2022-23 to 91,110 pieces compared to 79,669 pieces detected in the previous year, the RBI report said.
In contrast, the number of fake Rs 2,000 notes, which is in the process of being withdrawn from circulation declined from 13,604 pieces to 9,806 during the same period.googletag.cmd.push(function() {googletag.display(‘div-gpt-ad-8052921-2’); });
“Compared to the previous year, there was an increase of 8.4% and 14.4% in the counterfeit notes detected in the denominations of Rs 20 and Rs 500 (new design), respectively. The counterfeit notes detected in the denominations of Rs 10, Rs 100, and Rs 2,000 declined by 11.6%,” it said.
Taken together, the number of fake notes in all denominations witnessed a marginal decline of 2% in FY23. The total number of fake Indian currency notes detected in the banking sector fell to 2,25,769 pieces in 2022-23 from 2,30,971 pieces in 2021-22.
