RBI Annual Report: Rs 500 fake notes circulation more than Rs 2000 notes

The number of fake notes of Rs 500 denomination detected has increased by 14.4% to 91,110 pieces in 2022-23 compared to the previous year, according to the Reserve Bank of India’s annual report released today, May 30. RBI annual report shows that Rs 500 fake notes circulation more than Rs 2000.

The number of fake currency notes of Rs 2,000 denomination detected decreased to Rs 9,806 pieces during the same period, the report stated. The report added that in volume terms, Rs 500 denomination constituted the highest share at 37.9 per cent.

followed by Rs 10 denomination banknotes, which constituted 19.2 per cent of the total banknotes in circulation as on March 31, 2023. It also revealed that the total value of coins in circulation increased by 8.1 per cent in 2022-23, while the total volume increased by 2.6 per cent.

As on March 31, 2023, coins of Rs 1, Rs 2 and Rs 5 together constituted 83.1 per cent of the total volume of coins in circulation, while in value terms, these denominations accounted for 72.3 per cent.

Meanwhile, the report pointed that around 91,110 pieces of fake Rs 500 notes were detected in FY23. This was a 14 per cent rise when compared to FY22 when 79,669 pieces of fake Rs 500 notes were detected.

During 2022-23, out of the total Fake Indian Currency Notes (FICNs) detected in the banking sector, 4.6 per cent were detected at the Reserve Bank and 95.4 per cent at other banks.

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The central bank reported 78,699 fake Rs 100 notes in 2022-23, and 27,258 fake Rs 200 notes. It registered 9,806 fake Rs 2,000 notes in FY23. To be noted, the RBI on May 19 said it has been decided to withdraw Rs 2,000 bank notes from circulation. However, RBI said bank notes of Rs 2,000 denomination will continue to be legal tender. RBI said it has asked banks to stop issuing Rs 2,000 notes with immediate effect.

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