The Rs 500 note was the hardest hit of all the notes that showed an upsurge in fake notes. In comparison to the previous year, the central bank discovered 101.9 percent more fake Rs 500 notes and 54.16 percent more bogus Rs 2,000 tender notes.
Currency management is one of the central bank’s many responsibilities, which includes keeping track of and removing from circulation any false currency discovered in the system within a given year. In the financial year 2021-22, counterfeit notes of all denominations grew, according to a recent report provided by the Reserve Bank of India (RBI) on Friday (FY22).
According to the RBI, of all the notes that have seen a surge in fake notes, the Rs 500 has been the hardest hit. In comparison to the previous year, the central bank discovered 101.9 percent more phoney Rs 500 notes and 54.16 percent more bogus Rs 2,000 tender notes.
As of March 31, 2022, the combined value of the Rs 500 and Rs 2000 banknotes accounted for 87.1 percent of the total value of banknotes in circulation, compared to 85.7 percent on March 31, 2021. According to the research, the Rs 500 denomination banknotes accounted for 34.9 percent of total banknotes in circulation as of March 31, 2022, followed by Rs 10 denomination banknotes, which accounted for 21.3 percent of total banknotes in circulation as of March 31, 2022.
The counterfeit notes identified in the denominations of Rs 10, Rs 20, Rs 200, Rs 500 (new design), and Rs 2000 increased by 16.4%, 16.5 percent, 11.7 percent, 101.9 percent, and 54.6 percent, respectively, as compared to the previous year.
