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RBI says over 91000 fake notes of Rs.500 were found in FY23; nearly 5% such notes located at RBI

Fake Indian currency notes were found in the banking industry between 2022 and 2023. Of  these notes 4.6% were found at the Reserve Bank and 95.4% at other banks.

According to a report, 4.6% of the fake Indian currency notes found between 2022 and 2023 were located at the Reserve Bank of India (RBI), while 95.4% at other banks. In the same year, the central bank reported 27,258 fraudulent Rs 200 notes and 78,699 phony Rs 100 notes.

In FY23, about 91,110 pieces of counterfeit Rs 500 notes were discovered, according to the RBI’s annual report.

According to the research, out of the total number of Fake Indian Currency Notes (FICNs) found in the banking industry between 2022 and 2023, 4.6% were found at the Reserve Bank and 95.4% at other banks.

In the same year, the central bank reported 27,258 fraudulent Rs 200 notes and 78,699 phony Rs 100 notes.

In FY23, the RBI discovered 9,806 bogus Rs 2000 notes. On May 19, the federal government said that 2000-rupee notes would no longer be accepted.

The 2016-released 2000-rupee note will continue to be accepted as legal money, however individuals are urged to deposit or trade these notes by September 30, 2023.

2nd capture

The amount of fake notes found in the denominations of Rs 20 and Rs 500 (new design), respectively, increased by 8.4% and 14.4% compared to the previous year.

The percentage of fake notes found in the denominations of Rs. 10, Rs. 100, and Rs. 2000 decreased by 11.6%, 14.7%, and 27.9%, respectively.

According to the research, India’s economy displayed strong resilience in the previous fiscal year, ranking among the largest countries’ fastest-growing economies. However, weaker rural demand, persistent cost pressures, and weaker consumption in the second half of FY23 continued to be a drag.

Taushif Patel
Taushif Patelhttps://taushifpatel.com
Taushif Patel is a Author and Entrepreneur with 20 years of media industry experience. He is the co-founder of Target Media and publisher of INSPIRING LEADERS Magazine, Director of Times Applaud Pvt. Ltd.

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