Fake notes of Rs 2,000 increased by 55% in 2021-22 over the previous fiscal year. The number of bank notes of Rs 2000 denomination has steadily declined over the years to touch 214 crore or 1.6 per cent of the total currency notes in circulation at the end of March this year, according to RBI annual report
Indian Banks and the Reserve Bank of India have witnessed a 10.7 per cent rise in the detection of counterfeit notes in the last fiscal while the Rs 500 denomination fake notes rose by 102 per cent. About 6.9 per cent were detected at the RBI and 93.1 per cent at other banks.
Fake notes of Rs 2,000 increased by 55% in 2021-22 over the previous fiscal year. The number of bank notes of Rs 2000 denomination has steadily declined over the years to touch 214 crore or 1.6 per cent of the total currency notes in circulation at the end of March this year, according to RBI annual report.
The total number of currency notes of all denominations in circulation stood at 13,053 crore as of March this year, up from 12,437 crore from the year-ago period. At the end of March 2020, the number of Rs 2000 denomination notes in circulation stood at 274 crore, accounting for 2.4 per cent of the total number of currency notes in circulation. The count declined to 245 crore or 2 per cent of the total bank notes in circulation as of March 2021 and further fell to 214 crore or 1.6 per cent at the end of last fiscal year.
In value terms also, the Rs 2000 denomination notes dipped from 22.6 per cent of the total value of currency notes in circulation to 17.3 per cent at the end of March 2021 and further to 13.8 per cent at the end of March 2022.
The total value of currency notes in circulation of all denominations rose to Rs 31.05 lakh crore at the end of March this year from Rs 28.27 lakh crore at the end of March 2021
According to the report, the number of Rs 500 denomination notes in circulation rose to 4,554.68 crore at the end of March this year as against 3,867.90 crore in the year-ago period. “In volume terms, Rs 500 denomination constituted the highest share at 34.9 per cent, followed by Rs 10 denomination bank notes, which constituted 21.3 per cent of the total bank notes in circulation as on March 31, 2022,” the annual report for 2021-22 released last Friday (May 27) said.
The Rs 500 denomination notes accounted for 31.1 per cent share at the end of March 2021 and 25.4 per cent as of March 2020. In value terms, these notes rose from 60.8 per cent to 73.3 per cent from March 2020 to March 2022.
The total value of currency notes in circulation of all denominations rose to Rs 31.05 lakh crore at the end of March this year from Rs 28.27 lakh crore at the end of March 2021. “In value terms, the share of Rs 500 and Rs 2000 notes together accounted for 87.1 per cent of the total value of bank notes in circulation as on March 31, 2022, as against 85.7 per cent at end-March, 2021,” the report said.
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