14.4% Increase in fake ₹500 notes during 2022-23, RBI annual report shows

The Reserve Bank of India in its annual report has said that the number of fake notes of ₹500 has increased by 14.4% in 2022-23 compared to the previous year. The total number of fake ₹500 notes increased to 91,110 pieces. Meanwhile, the RBI has detected a decrease in the number of fake Rs 2,000 notes by 27.9% and stands at 9,806.

“Compared to the previous year, there was an increase of 8.4% and 14.4% in the counterfeit notes detected in the denominations of ₹20 and ₹500 (new design), respectively. The counterfeit notes detected in the denominations of ₹10, ₹100, and ₹2000 declined by 11.6%, 14.7% and 27.9% respectively", stated RBI report.

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However, the total number of Fake Indian Currency Notes declined to 2,25,769 pieces in 2022-23 from 2,30,971 pieces in the previous fiscal year in the banking sector. During 2022-23, RBI detected 4.6% of fake currency and other banks detected 95.4%.

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As per RBI, the total expenditure incurred on security printing during 2022-23 was ₹4,682.80 crore as against ₹4,984.80 crore in the previous year.