RBI report says 79,669 items of pretend ₹500 notes detected in FY-22

The variety of pretend foreign money notice of ₹500 denomination detected by the banking system greater than doubled to 79,669 items within the fiscal 2021-22 over the earlier 12 months, in response to the RBI annual report.

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The variety of counterfeit notes of ₹2,000 denomination detected within the system was 13,604 items throughout 2021-22, up 54.6% from the previous monetary 12 months.

After declining in 2020-21, the whole variety of Fake Indian Currency Notes (FICNs) of all denominations detected within the banking sector elevated to 2,30,971 items from 2,08,625 items within the earlier fiscal. During 2019-20, the FICNs detected stood at 2,96,695 items.

“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 the counterfeit notes detected in the denominations of Rs 10, Rs 20, Rs 200, Rs 500 (new design) and Rs 2,000, respectively,” mentioned the RBI’s annual report for 2021-22.

The counterfeit notes detected within the denominations of ₹50 and ₹100 declined by 28.7% and 16.7%, respectively.

During 2021-22, out of the whole FICNs detected within the banking sector, 6.9% had been detected on the Reserve Bank and 93.1% at different banks, the report mentioned.

One of the foremost goals of the 2016 demonetisation of the then prevailing ₹500 and ₹1,000 notes was to curb circulation of pretend foreign money notes.

The report additionally mentioned the whole expenditure incurred on safety printing throughout April 1, 2021 to March 31, 2022 was ₹4,984.8 crore as in opposition to ₹4,012.1 crore within the earlier 12 months (July 1, 2020 to March 31, 2021).

Also, the disposal of dirty banknotes elevated by 88.4% to 1,878.01 crore items throughout 2021-22 from 997.02 crore items within the earlier 12 months.