Fake new Rs 500, Rs 2,000 notes detected; counterfeit notes of small denomination on rise, shows RBI report

By: | Published: August 29, 2018 4:12 PM

Counterfeit notes detected in Rs 50 witnessed a "noticeable" increase of 154.3% in the financial year 2017-18, while detected fake notes of Rs 100 of increased by 35%, the Reserve Bank of India annual report showed.

Fake notes of new Rs 500, Rs 2,000 detected; rise in counterfeit notes of small denomination, shows RBI reportFake notes of new Rs 500, Rs 2,000 detected; rise in counterfeit notes of small denomination, shows RBI report

Counterfeit notes detected in Rs 50 witnessed a “noticeable” increase of 154.3% in the financial year 2017-18, while detected fake notes of Rs 100 of increased by 35%, the Reserve Bank of India annual report showed. Moreover, as many as 9,892 counterfeit notes of even new series Rs 500, and 17,929 fake notes of Rs 2,000 were also detected in the year.

“Compared to the previous year, there was an increase of 35 per cent in counterfeit notes detected in the denomination of Rs 100, while there was a noticeable increase of 154.3 per cent in counterfeit notes detected in
the denomination of Rs 50,” the central bank said in the report.

In the Mahatma Gandhi (New) Series of banknotes in the denominations of Rs 500 and Rs 2,000, counterfeit notes detected during 2017-18 were 9,892 and 17,929 as against 199 and 638, respectively during the previous year. However, this data is non-comparable as the new series high-value notes were brought in circulation after almost eight months of the financial year 2016-17 had passed.

The RBI said that the detection of Fake Indian Currency Notes (FICN) was higher at the RBI due to the processing of large volumes of specified bank notes (SBNs) withdrawn from circulation. “Out of the total Fake Indian Currency Notes (FICNs) detected, the share of FICNs detected at the Reserve Bank was higher at 36.1 per cent as compared to 4.3 per cent during the previous year,” RBI said.

The RBI released its Annual Report for 2017-18, a statutory report of its Central Board of Directors, on Monday, which also showed that about 99.3% of banned notes came back to the system. The central bank said that the total value of specified bank notes (SBNs) returned to the banks stands at 15.3 lakh crore.

While there was a rise in detection of counterfeit notes that are in circulation, the report said that counterfeit notes
detected in SBNs decreased by 59.7% and 59.6% in the denominations of Rs 500 and Rs 1,000.

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