Fake new ₹500 notes increased by 121% in 2018-19

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During 2018-19, out of the total Fake Indian Currency Notes (FICNs) detected in the banking sector, 5.6% were detected at the Reserve Bank and 94.4% were detected by other banks, said the central bank’s annual report 2019.

Compared to the previous year, there was an increase of 20.2%, 87.2% and 57.3% in counterfeit notes detected in the denominations of 10, 20 and 50,

respectively. Counterfeit notes detected in the denomination of 100 declined by 7.5%. In the denomination of 200, which was introduced in August 2017, 12,728 counterfeit notes were detected as against 79 during the previous year.

Counterfeit notes in the denomination of 500 (new design notes), increased by 121% while in 2,000, it increased by 21.9% during 2018-19.

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The total expenditure incurred on security printing during 1 July, 2018 to 30 June, 2019 stood at 4,811 crore as against 4,912 crore in the previous year.

The value and volume of banknotes in circulation increased by 17% and 6.2% to 21.1 trillion and 108,759 million pieces, respectively, during 2018-19.

In value terms, the share of 500 and 2000 banknotes, which had together accounted for 80.2% of the total value of banknotes in circulation at end-March 2018, increased to 82.2% at end-March 2019.

There was a sharp increase in the value of 500 banknotes in circulation—from 42.9% to 51% over the year. In volume terms, 10 and 100 banknotes constituted 47.2% of total banknotes in circulation at end-March 2019 as against 51.6% at end-March 2018.

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