Number of counterfeit Rs 500 notes detected in banking system rises by 14.6% to 91,110 in 2022-23 compared to last year
Posted on – Wednesday, 5/31/23 at 12:50pm
New Delhi/Chennai: The number of counterfeit Rs 500 notes detected in the banking system rose by 14.6 per cent to 91,110 in 2022-23 compared to the previous year, according to the RBI’s annual report released on Tuesday.
Meanwhile, the number of counterfeit Rs 2,000 notes detected by the system fell by 28% to 9,806 notes over the same period.
Although the total number of counterfeit Indian banknotes (FICNs) detected by the banking sector fell from 2,30,971 in the last fiscal to 2,25,769 in 2022-23, it is worth noting that it surged in 2021-22.
The RBI’s annual report also highlighted an 8.4 per cent increase in counterfeit notes of Rs 20 and a 14.4 per cent increase in counterfeit notes of Rs 500 (new design).
On the other hand, counterfeit notes of Rs 10, Rs 100 and Rs 2,000 denominations fell by 11.6%, 14.7% and 27.9% respectively.
According to the RBI, the number of counterfeit Rs 10 notes detected during the fiscal year 2023 was 313, Rs 20-337, Rs 50-17,755, Rs 100-78,699, Rs 200-27,258, Rs 500- Rs 91,110, Rs 500 (specified notes – 6 sheets), Rs 1,000 (specified notes – 482 sheets).
The total expenditure on security printing in 2022-23 is Rs 4,682.8 crore as against Rs 4,984.8 crore in the previous year.
“The Reserve Bank is actively advancing the process of introducing new/upgraded banknote security features,” the annual report states.
During the year, the RBI will focus on the following areas:
– Develop implementation plans based on recommendations for currency network design, mechanization and automation, and dispatch and inventory management reporting to achieve greater efficiency in currency management;
– Establish a state-of-the-art facility to conduct cutting-edge research on banknotes;
– conducting surveys on the quality of banknotes in circulation;
– develop cash usage indicators;
– Recommendations of the Executive Committee to review the existing cash distribution mechanism and related issues
– ATM ecosystem; and
– Institutionalize the certification process of banknote sorting machines according to the specified sorting standards.
