The variety of faux forex word 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.
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 2019-29, the FICNs detected stood at 2,96,695 items.
“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,” stated 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, 6.9percentwere detected on the Reserve Bank and 93.1% at different banks, the report stated.
One of the most important goals of the 2016 demonetisation of the then prevailing ₹500 and ₹1,000 notes was to curb circulation of pretend forex notes.
The report additionally stated the whole expenditure incurred on safety printing throughout April 1, 2021 to March 31, 2022 was ₹4,984.8 crore as towards ₹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.