The total number of Fake Indian Currency Notes (FICNs) of all denominations detected in the banking sector rose to 2,30,971
The total number of Fake Indian Currency Notes (FICNs) of all denominations detected in the banking sector rose to 2,30,971
number of counterfeit notes According to the RBI’s annual report, the ₹500 denominations detected by the banking system in the financial year 2021-22 more than doubled to 79,669 pieces as compared to the previous year.
number of ₹2000 fake notes 13,604 pieces were detected in the system during 2021-22, an increase of 54.6% over the previous financial year.
After the fall in 2020-21, the total number of Fake Indian Currency Notes (FICN) of all denominations detected in the banking sector increased to 2,30,971 from 2,08,625 notes in the previous fiscal. During 2019-20, 2,96,695 notes were detected in FICNs.
“Compared to the previous year, there was an increase of 16.4 per cent, 16.5 per cent, 11.7 per cent, 101.9 per cent and 54.6 per cent in counterfeit notes found in the denominations of Rs 10, Rs 20, Rs 200, Rs 500 (new design) and 2,000, respectively,” said the RBI’s annual report for 2021-22.
Fake notes detected in the denominations of 50 and 100 declined by 28.7% and 16.7%, respectively.
The report said that during 2021-22, of the total FICN detected in the banking sector, 6.9% were found in the Reserve Bank and 93.1% in other banks.
One of the major objectives of demonetization of the then prevalent ₹500 and ₹1,000 notes in 2016 was to stop the circulation of counterfeit currency notes.
The report also stated that the total expenditure on security printing during April 1, 2021 to March 31, 2022 was ₹4,984.8 crore, as against ₹4,012.1 crore in the previous year (July 1, 2020 to March 31, 2021). .
Also, the disposal of soiled notes increased by 88.4% to 1,878.01 crore during 2021-22 from 997.02 crore in the previous year.