Fake notes of 500 doubled in a year: Fake notes of Rs 2000 increased by 54.16%, fake notes of Rs 50 and Rs 100 decreased

Rachita Salian
Rachita Salian
2 Min Read
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According to the Reserve Bank of India (RBI), the number of counterfeit notes has increased significantly in the financial year 2021-22. According to RBI, fake Rs 500 notes have doubled in a year. Compared to last year, the central bank has detected 101.9% more notes of Rs 500 and 54.16% more notes of Rs 2,000. The increasing number of counterfeit notes is troubling.

RBI said that 87.1% of the 500 and 2000 rupee notes deposited in the bank till 31 March 2022 were fake notes. The figure stood at 85.7% as of 31 March 2021. The bank said that this was 21.3% of the total notes in circulation as of March 31, 2022.

Fake notes of Rs 50 and Rs 100 decreased,
if we talk about other notes, then in comparison to the previous year, counterfeit notes of Rs 10 have increased by 16.4% and Rs 20 notes by 16.5%. Apart from this, an increase of 11.7% has been registered in the fake notes of 200 rupees. The good thing is that looking at the figures for last year, in this financial year, fake notes of Rs 50 have decreased by 28.7% and fake notes of Rs 100 by 16.7%.

Demonetisation took place on November 8, 2016,
Prime Minister Narendra Modi announced the demonetization of 500 and 1000 notes on November 8, 2016, at 8 pm on TV. After this, the 500 note came in a new format. 2000 note came into existence only after demonetization.

The reason for demonetization was told by the government to crack down on counterfeit notes. In such a situation, once again the arrival of fake currency of new notes is also a matter of concern for the government.

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