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 2019-29, the FICNs detected stood at 2,96,695 pieces.
“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 ₹10, ₹20, ₹200, ₹500 (new design) and ₹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.
The report also said the total expenditure incurred on security printing during April 1, 2021 to March 31, 2022 was ₹4,984.8 crore as against ₹4,012.1 crore in the previous year (July 1, 2020 to March 31, 2021).
Also, the disposal of soiled banknotes increased by 88.4% to 1,878.01 crore pieces during 2021-22 from 997.02 crore pieces in the previous year.
