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Rise seen in counterfeits along with currency notes in circulation

July 25, 2022

Rise seen in counterfeits along with currency notes in circulation
Counterfeit notes too are on the rise along with the increasing trend of currency notes in circulation, data available from the Finance Ministry, Reserve Bank of India, and National Crime Record Bureau showed.

Data shows notes in circulation in terms of volume rose to 13,053.3 crore pieces from 9,026.6 crore between the end of March 2016 and March 2022. Similarly, the value went up to ₹31.05-lakh crore from ₹16.41-lakh crore.

However, data from National Crime Record Bureau shows counterfeit currency seized in the country from 2016 to till 2020 surged to over 8.34 lakhs from 2.81 lakhs. The value of fake notes seized went up ₹92.17 crore from ₹15.92 crore.

At the same time, data from RBI also show that during 2021-22, out of the total Fake Indian Currency Notes (FICNs) detected in the banking sector, 6.9 per cent were detected at the RBI and 93.1 per cent at other banks.

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 the counterfeit notes detected in the denominations of ₹10, ₹20, ₹200, ₹500 (new design) and ₹2,000, respectively. The counterfeit notes detected in the denominations of ₹50 and ₹100 declined by 28.7 per cent and 16.7 per cent, respectively.

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