Counterfeiting of Rs 500 and Rs 2000 notes on the rise: RBI

Points to ponder:

  • The RBI detected 5.6% Fake Indian Currency Notes in 2018-19.
  • The total expenditure of security printing as per the RBI was Rs 48.11 billion.
  • Around 12,000 notes were fake in the denomination of Rs 200 which was introduced in August 2017.

According to RBI, the counterfeiting of new Rs 500 notes increased by 121% and of Rs, 2000 notes increased by 21.9% in comparison to the previous year. The RBI said that the denomination of Rs 200 note which was introduced in August 2017 had as many as 12,728 counterfeit notes, which were just 79 in the previous year.

The RBI also detected an increase of 20.2%, 87.2% and 57.3% in the counterfeit notes of the denominations: Rs 10, Rs 20 and Rs 50, however, the counterfeit notes detected in the denominations of Rs 100 declined by 7.5%.

Out of the overall Fake Indian Currency Notes (FICNs) detected in 2018-19 in the banking sector, 5.6% were detected by the RBI and 94.4% by other banks.

The complete expenditure incurred on security printing from 1 July 2018 to 30 June 2019 stood at Rs 48.11 billion as against Rs 49.12 billion in the previous year.

Source: firstpost.com

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