Rs 500 Fake Currency: Infiltration of fake notes of Rs 500 in circulation is continuously increasing. In 2022-23, around 91 thousand 110 fake notes of Rs 500 were caught, which is 14.6 percent more than in 2021-22.
On May 19, 2023, the Reserve Bank of India (RBI) decided to discontinue Rs 2000 notes. The process of their return has also started in all the banks of the country. Now in the annual report of RBI, a big disclosure has also been made regarding the notes of 500 rupees. This difficulty related to Rs 500 notes has come to the fore in front of the central bank even before the deadline of September 30 given to exchange Rs 2,000 notes is over.
Actually, after the closure of pink notes of Rs 2000, now the largest currency notes in the country are becoming a big headache for the Reserve Bank. According to the report, the infiltration of fake 500 notes is continuously increasing. In 2022-23, around 91 thousand 110 fake notes of Rs 500 were caught, which is 14.6 percent more than in 2021-22. In 2020-21, 39,453 fake notes of Rs 500 were caught. While in 2021-22, fake notes worth 76 thousand 669 were caught.
Number of fake notes of 2000 decreased
In cases of recovery of fake currency notes, fake notes of 2000 rupees were also included in addition to 500 rupee notes. However, a decrease has been registered in their number and in the financial year 2022-23, the number of fake notes of Rs 2000 decreased by 28 percent to 9 thousand 806 notes. In addition to notes of 500 and two thousand rupees, fake notes of 100, 50, 20, 10 rupees have also been caught. According to the RBI report, the total number of fake notes caught in the banking sector was 2 lakh 25 thousand 769, whereas last year fake notes of 2 lakh 30 thousand 971 were found.
Infiltration of fake notes of Rs 20 increased
This year, apart from Rs 500, an increase in the number of fake notes of Rs 20 has also been recorded. In 2022-23, there has been an increase of 8.4 percent in fake notes of 20 rupees. While the number of fake notes of Rs 10 has decreased by 11.6 percent, the number of fake notes of Rs 100 has decreased by 14.7 percent. Apart from fake notes, RBI has also given complete information about printing on notes in its annual report. RBI had spent a total of Rs 4 thousand 682.80 crore in 2022-23 for printing notes. The cost of printing in 2021-22 was Rs 4 thousand 984.80 crore
Big share in circulation of 10 and 500 notes
If we talk about circulation, then 10 rupees and 500 rupees notes are present in maximum circulation. By volume till March 31, 2023, 37.9 percent of the total currency circulation of the country is 500 notes. After this, the share of Rs 10 note is 19.2 per cent. In such a situation, it is a big responsibility of RBI to clean the fake notes of 500 rupees from the system.
