Over 100% increase in fake Rs-500 notes, counterfeit Rs 2,000 currency notes up over 50%

In value terms, the share of Rs 500 and Rs 2000 banknotes together accounted for 87.1% of the total value of banknotes in circulation as on March 31, 2022, as against 85.7% as on March 31, 2021. In volume terms, Rs 500 denomination constituted the highest share at 34.9%, followed by Rs 10 denomination banknotes, which constituted 21.3% of the total banknotes in circulation as on March 31, 2022, the report added.

Compared to the previous year, there was an increase of 16.4%, 16.5%, 11.7%, 101.9% and 54.6% in the counterfeit notes detected in the denominations of Rs 10, Rs 20, Rs 200, Rs 500 (new design) and Rs 2000, respectively. The counterfeit notes detected in the denominations of Rs 50 and Rs 100 declined by 28.7% and 16.7%, respectively, said RBI.