RBI report says 79,669 pieces of fake ₹500 notes detected in FY-22

The total number of Fake Indian Currency Notes (FICNs) of all denominations detected in the banking sector increased to 2,30,971 pieces

The number of fake currency note of ₹500 denomination detected by the banking system more than doubled to 79,669 pieces in the fiscal 2021-22 over the previous year, according to the RBI annual report.

The number of counterfeit notes of ₹2,000 denomination detected in the system was 13,604 pieces during 2021-22, up 54.6% from the preceding financial year.

After declining in 2020-21, the total number of Fake Indian Currency Notes (FICNs) of all denominations detected in the banking sector increased to 2,30,971 pieces from 2,08,625 pieces in the previous fiscal. During 2019-20, the FICNs detected stood at 2,96,695 pieces.

"Compared to the previous year, there was an increase of 16.4 per cent, 16.5 per cent, 11.7 per cent, 101.9 per cent and 54.6 per cent in the counterfeit notes detected in the denominations of Rs 10, Rs 20, Rs 200, Rs 500 (new design) and Rs 2,000, respectively," said the RBI's annual report for 2021-22.

The counterfeit notes detected in the denominations of ₹50 and ₹100 declined by 28.7% and 16.7%, respectively.

During 2021-22, out of the total FICNs detected in the banking sector, 6.9% were detected at the Reserve Bank and 93.1% at other banks, the report said.

One of the major objectives of the 2016 demonetisation of the then prevailing ₹500 and ₹1,000 notes was to curb circulation of fake currency notes.