RBI Detects 300% Surge in Fake Rs 500 Notes Between FY19 and FY24

RBI Detects 300% Surge in Fake Rs 500 Notes Between FY19 and FY24

The Reserve Bank of India (RBI) has reported a staggering 300% rise in counterfeit Rs 500 notes detected in the banking system over the five-year period from FY2018-19 to FY2023-24. This alarming trend was revealed in a parliament document shared by the Union Minister of State for Finance, Pankaj Chaudhary.

According to the report, the number of fake Rs 500 notes (Mahatma Gandhi New Series) discovered jumped from 21,865 pieces in FY19 to a whopping 85,711 pieces in FY24. The sharpest annual increase occurred in FY22, when counterfeit Rs 500 notes doubled from 39,453 pieces in FY21 to 79,669 pieces—a dramatic 102% surge in just one year.

Counterfeit Rs 2,000 Notes Also on the Rise

In addition to Rs 500 notes, counterfeit Rs 2,000 notes witnessed a significant rise, coinciding with the government’s decision to withdraw these notes from circulation after September 30, 2023. The banking system detected 26,035 fake Rs 2,000 notes in FY24, marking a 166% jump from 9,806 pieces in FY23.

This alarming spike in counterfeit currency underscores the pressing need for stricter anti-counterfeiting measures and heightened vigilance within the banking system.

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Keywords: counterfeit Rs 500 notes, fake currency in India, RBI counterfeit data FY24, fake Rs 2,000 notes, financial news India