Counterfeit of new ₹500 notes increased by 121% in FY19: RBI
1 min read . Updated: 29 Aug 2019, 06:51 PM IST
Premium- However, counterfeit notes detected in the denomination of ₹100 declined by 7.5%
- Compared to the previous year, there was an increase of 20.2%, 87.2% and 57.3% in counterfeit notes detected in the denominations of ₹10, ₹20 and ₹50, respectively
During 2018-19, out of the total Fake Indian Currency Notes (FICNs) detected in the banking sector, 5.6% were detected at the Reserve Bank and 94.4% were detected by other banks, said the central bank's annual report 2019.
Compared to the previous year, there was an increase of 20.2%, 87.2% and 57.3% in counterfeit notes detected in the denominations of ₹10, ₹20 and ₹50,
respectively. Counterfeit notes detected in the denomination of ₹100 declined by 7.5%. In the denomination of ₹200, which was introduced in August 2017, 12,728 counterfeit notes were detected as against 79 during the previous year.
Counterfeit notes in the denomination of ₹500 (new design notes), increased by 121% while in ₹2,000, it increased by 21.9% during 2018-19.
The total expenditure incurred on security printing during 1 July, 2018 to 30 June, 2019 stood at ₹4,811 crore as against ₹4,912 crore in the previous year.
The value and volume of banknotes in circulation increased by 17% and 6.2% to ₹21.1 trillion and 108,759 million pieces, respectively, during 2018-19.
In value terms, the share of ₹500 and ₹2000 banknotes, which had together accounted for 80.2% of the total value of banknotes in circulation at end-March 2018, increased to 82.2% at end-March 2019.
There was a sharp increase in the value of ₹500 banknotes in circulation—from 42.9% to 51% over the year. In volume terms, ₹10 and ₹100 banknotes constituted 47.2% of total banknotes in circulation at end-March 2019 as against 51.6% at end-March 2018.
