14.4% rise in Rs. 500 fake notes

The Reserve Bank has reported a 14.4 per cent increase in the number of counterfeit Rs 500 notes (new design) during the year 2022-23.

The RBI and banks detected 91,110 counterfeit Rs 500 notes valued at Rs 4.55 crore during the year as against 79,669 counterfeit notes valued at Rs 3.98 crore, according to the Annual Report of the RBI.

During 2022-23, out of the total fake Indian currency notes (FICNs) detected in the banking sector, 4.6 per cent were detected at the Reserve Bank and 95.4 per cent at other banks. Compared to the previous year, there was an increase of 8.4 per cent and 14.4 per cent in the counterfeit notes detected in the denominations of Rs 20 and Rs 500 (new design), respectively.

The counterfeit notes detected in the denominations of Rs 10, Rs 100 and Rs 2000 declined by 11.6 per cent, 14.7 per cent and 27.9 per cent, respectively, it said.