According to the annual report of the Reserve Bank of India (RBI), the number of counterfeit ₹500 notes has increased by 14.4% in 2022-23 compared to the previous year. The total count of fake ₹500 notes reached 91,110 pieces. However, the report also revealed a decline in the number of fake ₹2,000 notes by 27.9%, with a total of 9,806 detected.
The RBI report stated, “Compared to the previous year, there was an increase of 8.4% and 14.4% in the counterfeit notes detected in the denominations of ₹20 and ₹500 (new design), respectively. The counterfeit notes detected in the denominations of ₹10, ₹100, and ₹2,000 declined by 11.6%, 14.7%, and 27.9%, respectively.” In the banking sector, the total number of Fake Indian Currency Notes decreased from 2,30,971 pieces in the previous fiscal year to 2,25,769 pieces in 2022-23. During this period, the RBI detected 4.6% of the fake currency, while other banks detected 95.4%.
The report also revealed that the expenditure on security printing during 2022-23 amounted to ₹4,682.80 crore, compared to ₹4,984.80 crore in the previous year, as per RBI records.