Circulation Of Fake Rs 500-Currency Notes Increase By 100%; Fake Rs 2000-Notes Increase By 50%

There are many jobs that are there in the banking system. One such job is that of currency management.

Currency management includes keeping an account of and removing from circulation, any fake currency detected in the system during a given year. 

On Friday, the Reserve Bank of India in its recent released report said that the counterfeit notes of all denominations increased in the financial year 2021-22 (FY22).

Worst Hit is Rs. 500 Note : RBI

Rs 500, according to the RBI, was the worst hit amongst all denominations. The RBI detected 101.9% more fake notes of Rs 500 denomination and a 54.16% increase in fake notes of Rs 2,000 tender as compared to the previous year. 

Denominations in Value & Volume Terms

In the value terms, as against 85.7% as on March 31, 2021, 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.

In volume terms, the report said that 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.

For the denominations of Rs 10, Rs 20, Rs 200, Rs 500 (new design) and Rs 2000, there was an increase of 16.4%, 16.5%, 11.7%, 101.9% and 54.6% in the counterfeit notes detected.

RBI said that the counterfeit notes detected in the denominations of Rs 50 and Rs 100 declined by 28.7% and 16.7%, respectively.