Currency Alert! Fake Rs 500 Notes Increase By 121%; Rs 100 Notes Will Be Polished
The Reserve Bank of India or RBI has released their report, which tells us some very interesting facts and numbers regarding the circulation of currency notes in India.
To start with, beware of fake Rs 500 currency note, because the usage and circulation has increased by a whopping 121%.
What exactly is the reason?
Fake Rs 500 Currency Increase By 121%
As per RBI’s latest numbers, circulation of fake Rs 500 currency notes has increased substantially in the last year.
Although there has been a marginal increase in fake currency notes of all denominations, the biggest surge in fake currency was witnessed for the newly designed Rs 500 currency note: 121% increase compared to last year.
In comparison, fake Rs 10, Rs 20 and Rs 50 notes witnessed an increase of 20.2%, 87.2% and 57.3% only.
And for Rs 100 currency notes, the fake circulation actually decreased by 7%.
One reason for the surge in fake Rs 500 currency notes can be the reason that this currency is the most widely used in India right now.
Use Of Rs 2000 Currency Declines, Rs 500 Currency Increase
In March 2018, 15,469 million units of Rs 500 notes were in circulation, which has increased to 21,518 million units.
At the same time, in March 2018, there were 3363 million units of Rs 2000 currency notes in circulation, which has decreased to 3291 million units in March 2019.
This clearly showcases that less and less Rs 2000 currency notes are being used, compared to Rs 500 currency notes in India.
In terms of value, Rs 500 currency now holds more than 50% share, overall.
Rs 100 Currency Note Will Be Now Polished
The report also mentions the fact that Rs 100 currency note (new ones, with blue color) will be now varnished and polished to make it even more appealing, and long lasting.
Not exactly sure how much, but a section of the new Rs 100 currency notes will be called back in by RBI, and then varnished based on some complex chemical process.
If this ‘experiment’ is successful, then all the Rs 100 currency notes will be called back in, and then varnished.
RBI has also set up a state of the art Banknote Quality Assurance Laboratory in Mumbai, which will carry on highly sophisticated quality tests and checks on the currency notes.
This lab’s main purpose will be ‘standardising the quality of currency notes’ in India.