RBI: Detects over 2.96 lakh pieces of fake notes in FY20; Surge in new notes of Rs200, Rs500

RBI in its annual report said, 4.6% of the total fake notes detected were at the central bank.

Aug 27, 2020 08:08 IST India Infoline News Service

The Reserve Bank of India (RBI) during the financial year FY20, detected more than 2.96 lakh pieces of fake notes in Indian currency notes. RBI in its annual report said, 4.6% of the total fake notes detected were at the central bank. While 95.4% of the total was detected at other banks.

However, the total fake or counterfeit notes detected were lower in FY20, compared to over 3.17 lakh pieces detected in FY19 and 5.22 lakh pieces in FY18.

RBI said, compared to the previous year, there was an increase of 144.6 per cent, 28.7 per cent, 151.2 per cent and 37.5 per cent in counterfeit notes detected in the denominations of Rs10, Rs50, Rs200 and Rs500 [Mahatma Gandhi (New) Series], respectively.

On the other hand, notes detected in the denominations of Rs20, Rs100 and Rs2000 declined by 37.7 per cent, 23.7 per cent and 22.1 per cent, respectively. 

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