Number of fake notes increases 20.4% in FY17: RBI
DSIJ Intelligence / 31 Aug 2017
Over 7,62,072 pieces of fake Indian currency notes (FICNs) were detected in the banking system in FY17, a 20.4% increase over the previous year, states the Reserve Bank of India’s annual report released on Wednesday.
Over 7,62,072 pieces of fake Indian currency notes (FICNs) were detected in the banking system in FY17, a 20.4% increase over the previous year, states the Reserve Bank of India’s annual report released on Wednesday.
During 2015-16, 6.32 lakh pieces of fake currency notes had been detected. The report also said that barring Rs 100, the detection of counterfeit notes increased across denominations, notably, Rs 500 and Rs 1,000 during the last fiscal.
The report also adds that coincident with the announcement of the withdrawal of Rs 500 and Rs 1,000 notes on November 8, 2016, it launched a nation-wide exercise to estimate the density of FICNs detected during the counting and verification of notes.
“The result showed the rate of FICN detected per million pieces of notes processed at the CC (currency chest) level at 7.1 pieces for Rs 500 denomination and 19.1 pieces for Rs 1,000 denomination, which were higher than the rate of detection at the Reserve Bank of India,” it added.
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