Over 100% rise in fake Rs 500 currency notes, fake Rs 2,000 notes up 50%: RBI

The RBI detected 101.9 more fake notes of Rs 500 denomination compared to last year.

AgenciesUpdated: Sunday, May 29, 2022, 05:47 PM IST
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In value terms, the share of Rs 500 and Rs 2000 banknotes together accounted for 87.1 percent of the total value of banknotes in circulation as on March 31, 2022, as against 85.7 percent as on March 31, 2021. |

There has been an increase in fake currency notes in circulation. Among all such currency notes, Rs 500 tender takes top spot. The Reserve Bank of India (RBI) detected 101.9 more fake notes of Rs 500 denomination compared to last year.

The second most fake currency note in circulation is Rs 2000 tender which saw a 54.16 percent increase in fake notes.

In value terms, the share of Rs 500 and Rs 2000 banknotes together accounted for 87.1 percent of the total value of banknotes in circulation as on March 31, 2022, as against 85.7 percent as on March 31, 2021.

In volume terms, Rs 500 denomination constituted the highest share at 34.9 percent, followed by Rs 10 denomination banknotes, which constituted 21.3 percect of the total banknotes in circulation as on March 31, 2022, the report said.

There has been an increase of 16.4 percent, 16.5 percent, 11.7 percent, 101.9 percent and 54.6 percent in the counterfeit notes detected in the denominations of Rs 10, Rs 20, Rs 200, Rs 500 (new design) and Rs 2000, respectively.

The counterfeit notes detected in the denominations of Rs 50 and Rs 100 declined by 28.7 percent and 16.7 percent respectively, said RBI.

5% rise in currency in circulation

There has been a 5 percent rise in volume in currency in circulation and 9.9 per cent in value as compared to last year. This can be attributed to the second wave of the Covid-19 pandemic “which induced renewed restrictions on movement in various parts of the country”, the report added.

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