1. RBI annual report: Nearly 8 lakh pieces of fake notes detected in FY17

RBI annual report: Nearly 8 lakh pieces of fake notes detected in FY17

RBI said about 7,62,072 pieces of counterfeit notes were detected in the banking system last fiscal, which is an increase of 20.4 percent over the previous year.

By: | Published: August 30, 2017 8:51 PM
RBI, RBI annual report, demonetisation, noteban During 2015-16 fiscal year, as many as 6.32 lakh pieces of fake currency notes were detected, says RBI. (PTI)

The Reserve Bank of India (RBI) has today said that about 7,62,072 pieces of counterfeit notes were detected in the banking system last fiscal, which is an increase of 20.4 percent over the previous year, PTI said. According to the central bank, during 2015-16 fiscal year, as many as  6.32 lakh pieces of fake currency notes were detected, the agency added in its annual report. The report further said that apart from Rs 100, the detection of counterfeit notes raised across denominations – notably, earlier high valued notes of Rs 500 and Rs 1,000, during the last fiscal, it added.

It said that on the day the demonetisation was announced on November 8 last year, the RBI had launched an exercise to evaluate the density of fake Indian currency notes (FICNs) which were detected during the verification and counting of currency notes.

“The result showed the rate of FICN detected per million pieces of notes processed at the CC (currency chest) level at 7.1 pieces for Rs 500 denomination and 19.1 pieces for Rs 1,000 denomination, which was higher than the rate of detection at the Reserve Bank,” the report added as per PTI.

According to the report, , at the central bank’s currency verification and processing system,  there were close to 2.4 pieces of FICNs of Rs 500 denomination and 5.8 pieces of Rs 1,000 for every million pieces notes processed ; which increased to 5.5 pieces and 12.4 pieces, respectively,  after demonetisation period, the agency added.

Earlier in the day, former Union minister and senior Congress leader P Chidambaram slammed the RBI, saying that one per cent of the demonetised notes not returning to the bank was a “shame on RBI”, the agency said. He also questioned the Centre on whether the demonetisation decision was designed to convert black money into white, PTI said.

  1. W
    Wilson
    Aug 30, 2017 at 9:43 pm
    Does the government has guts to raid karunanidi's family to unearth crores of black money
    Reply

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