Following the withdrawal of Rs 2000 notes, the RBI released a new Rs 500 note circulation guideline. In 2022-23, the RBI found 91,110 phony Rs 500 notes, up 14.6% from the previous year.
The RBI has announced a new Rs 500 guideline. Tension rose afterward. Following Rs 2000 notes, Rs 500 notes will be discontinued. Learn more about the new RBI guideline in the news below.
The RBI’s withdrawal of Rs 2000 notes has created a fresh issue with Rs 500 notes. A major issue with Rs 500 notes was identified in RBI’s last annual report.
After the closure of Rs 2000 pink notes, Rs 500 notes are causing the Reserve Bank problems. This research shows a steady rise of bogus Rs 500 notes. Around 91 thousand 110 fake Rs 500 notes were found in 2022-23, 14.6% more than in 2021-22.
In 2020-21, 39,453 bogus Rs 500 notes were found; in 2021-22, 76,669. Thus, the RBI is concerned about the rising amount of phony notes.
RBI voiced worry
The RBI’s annual report recently warned about the rise in bogus Rs 500 and Rs 2000 notes. The study states that after the demonetization of Rs 2000 notes, scammers are targeting Rs 500 notes in huge amounts.
More bogus notes are appearing.
The number of bogus Rs 500 notes increased dramatically in 2022-23. About 91 thousand 110 phony notes were found this year, 14.6% more than last year. The quantity of phony Rs 2,000 notes fell 28% to 9,806 notes.
As to the Reserve Bank report, phony Rs 100, 50, 20, and 10 notes were also found. The number of phony Rs 20 notes has risen 8.4%.
RBI spent this on note printing.
RBI spent Rs 4,682.80 crore on note printing in 2022-23, down from last year. As of March 31, 2023, 37.9% of currency circulation was Rs 500 notes and 19.2% Rs 10 notes. Identifying and removing fraudulent notes from the system is a major RBI challenge.
To stop fraudulent notes and retain public confidence, RBI and other authorities are working hard to address this issue. Along with this, the public is warned to spot fraudulent notes.
Conclusion
Following the withdrawal of Rs 2000 notes, the RBI released a new Rs 500 note circulation guideline. In the financial year 2022-23, the RBI found 91,110 phony Rs 500 notes, a 14.6% rise from the previous year. In 2020-21, 39,453 bogus Rs 500 notes were found; in 2021-22, 76,669. The RBI worried about the rise in phony Rs 500 and Rs 2000 notes. The survey also found phony Rs 100, 50, 20, and 10 notes, with Rs 20 notes climbing by 8.4%. The RBI spent Rs 4,682.80 crore on note printing in 2022-23, down from last year. Rs 500 notes made up 37.9% of the country’s currency circulation on March 31, 2023, while Rs 10 notes made up 19.2%.
