Detection Of Fake Rs 50 And Rs 100 Notes Spikes

Detection of fake Rs 50 and Rs 100 notes spiked the most in at least three years in the previous financial year ended March.

The number of counterfeit Rs 50 bills detected jumped 154.3 percent to 23,447 pieces in 2017-18, according to the annual report of the Reserve Bank of India. That compares with 9,222 and 6,453 fake notes detected in 2016-17 and 2015-16, respectively.

Detection of fake Rs 100 notes jumped 35 percent to 239,182 pieces during the period. That’s against 177,195 bills detected in 2016-17 and 221,447 in 2015-16, the report said.

Overall detection of counterfeit notes in 2017-18, however, was 31.4 percent lower than the previous year. A total of 5.22 lakh pieces of fake currency bills of all denominations were detected during the year, the report said. Banks alone found 63.9 percent of these bills. Fake notes identified by the RBI was at 36.1 percent, higher than 4.3 percent detected in 2016-17. That, according to the report, was because of processing of a large volume of central bank specified (demonetised) notes being withdrawn from circulation.

Also read: 99.3% Of Demonetised Money Returns To RBI, Report Shows

Other Highlights

  • Supply of denominations of Rs 500 and Rs 2,000 in the new series issued after note ban rose from 7,260 million in 2016-17 to 9,693 million pieces in the financial year ended March 2018. The number of fake notes detected in both these denominations were at 9,892 and 17,929, respectively, compared with 199 and 638 in 2016-17.
  • Detection of fake Rs 500 and Rs 1,000, from the old series, were nearly 60 percent lower at 127,918 and 103,611 pieces, respectively, in the reporting year.