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Business News/ Money / Personal Finance/  There are more 500 fake notes in circulation than 2000, RBI annual report shows

The number of fake notes of 500 denomination detected has increased by 14.4% to 91,110 pieces in 2022-23 compared to the previous year, according to the Reserve Bank of India's annual report released today, May 30. The number of fake currency notes of 2,000 denomination detected decreased to 9,806 pieces during the same period, the report stated.

“Compared to the previous year, there was an increase of 8.4 per cent and 14.4 per cent in the counterfeit notes detected in the denominations of 20 and 500 (new design), respectively. The counterfeit notes detected in the denominations of 10, Rs100, and 2000 declined by 11.6 per cent," stated RBI report.

Although the total number of Fake Indian Currency Notes (FICNs) detected in the banking sector declined to 2,25,769 pieces in 2022-23 from 2,30,971 pieces in the previous fiscal year.

“During 2022-23, out of the total Fake Indian Currency Notes (FICNs) detected in the banking sector, 4.6 per cent were detected at the Reserve Bank and 95.4 per cent at other banks," the central bank mentioned in its report.


RBI annual report on fake currency
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RBI annual report on fake currency

After falling in 2020-21, counterfeit notes recorded a 10.7 per cent uptick in 2021-22, with the 500 denomination fake notes rising by 102 per cent.

The total expenditure incurred on security printing during 2022-23 was 4,682.80 crore as against 4,984.80 crore in the previous year, RBI said in its report

Meanwhile, in a circular dated May 19, RBI announced the withdrawal of the 2000 denomination banknotes from circulation. It further advised banks to stop issuing 2000 denomination banknotes with immediate effect. People of India have been asked to deposit or exchange these notes by 30 September, 2023. It is to be noted that 2000 will remain legal tender even after the stipulated deadline in September.

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Sangeeta Ojha
A business media enthusiast. Writes on personal finance, business and banking.
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Updated: 30 May 2023, 03:06 PM IST
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