counterfeit notes: This denomination saw the highest increase in counterfeit notes in FY22

The Reserve Bank of India ascertained a 101.93% rise in fake notes of Rs 500 denomination and 54% for fake notes of Rs 2,000. The increase rate of counterfeit notes for Rs 10, Rs 20 and Rs 200 were 16.45%, 16.48% and 11.7% respectively.

The RBI detected an increase of 10.7% in counterfeit notes of Indian denominations in FY22.

Counterfeit notes detected for denominations of Rs 50 and Rs 100 declined by 28.65% and 16.71% respectively, the report showed.

Currency circulation witnessed a slow growth in FY22. The value and volume of banknotes in circulation grew by 9.9% and 5% respectively as against 16.8% and 7.2% in the preceding fiscal.

According to a RBI report, “During 2021-22, out of the total Fake Indian Currency Notes (FICNs) detected in the banking sector, 6.9 percent were detected at the Reserve Bank and 93.1 percent at other banks”.