MUMBAI: The number of fake Rs 500 denomination notes detected by the banking system in the financial year 2021-22 has more than doubled to 79,669 from the previous year. reserve Bank of India annual report.
The number of counterfeit notes of Rs 2,000 denomination in the system stood at 13,604 notes during 2021-22, an increase of 54.6 per cent over the previous financial year.
After the fall in 2020-21, the total number of Fake Indian Currency Notes (FICN) of all denominations detected in the banking sector increased to 2,30,971 from 2,08,625 notes in the previous fiscal. During 2019-29, 2,96,695 notes were detected as FICNs.
“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 counterfeit notes found in the denominations of Rs 10, Rs 20, Rs 200, Rs 500 (new design) and 2,000, respectively,” said the RBI’s annual report for 2021-22.
Fake notes detected in the denominations of Rs 50 and Rs 100 declined by 28.7 per cent and 16.7 per cent, respectively.
The report said that during 2021-22, of the total FICN detected in the banking sector, 6.9 per cent were found in the Reserve Bank and 93.1 per cent in other banks.
One of the major objectives of the demonetization of the then prevalent Rs 500 and Rs 1,000 notes of 2016 was to stop the circulation of counterfeit currency notes.
The report also stated that the total expenditure on security printing during April 1, 2021 to March 31, 2022 was Rs 4,984.8 crore as against Rs 4,012.1 crore in the previous year (July 1, 2020 to March 31, 2021). .
Also, the disposal of soiled notes increased by 88.4 per cent to 1,878.01 crore during 2021-22 from 997.02 crore in the previous year.
The number of counterfeit notes of Rs 2,000 denomination in the system stood at 13,604 notes during 2021-22, an increase of 54.6 per cent over the previous financial year.
After the fall in 2020-21, the total number of Fake Indian Currency Notes (FICN) of all denominations detected in the banking sector increased to 2,30,971 from 2,08,625 notes in the previous fiscal. During 2019-29, 2,96,695 notes were detected as FICNs.
“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 counterfeit notes found in the denominations of Rs 10, Rs 20, Rs 200, Rs 500 (new design) and 2,000, respectively,” said the RBI’s annual report for 2021-22.
Fake notes detected in the denominations of Rs 50 and Rs 100 declined by 28.7 per cent and 16.7 per cent, respectively.
The report said that during 2021-22, of the total FICN detected in the banking sector, 6.9 per cent were found in the Reserve Bank and 93.1 per cent in other banks.
One of the major objectives of the demonetization of the then prevalent Rs 500 and Rs 1,000 notes of 2016 was to stop the circulation of counterfeit currency notes.
The report also stated that the total expenditure on security printing during April 1, 2021 to March 31, 2022 was Rs 4,984.8 crore as against Rs 4,012.1 crore in the previous year (July 1, 2020 to March 31, 2021). .
Also, the disposal of soiled notes increased by 88.4 per cent to 1,878.01 crore during 2021-22 from 997.02 crore in the previous year.