What Next? RBI report says Rs 500 fake currency notes surge 102% in FY22.

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What Next? RBI report says Rs 500 fake currency notes surge 102% in FY22.

 

1. Counterfeit notes of ₹500 denomination recorded a 101.9% jump in the financial year 2021-22, the Reserve Bank of India’s annual report for 2021-22 shows.
2. Fake notes of ₹2,000 denomination surged 54.6% year-on-year in FY22, while there was an increase of 16.4%, 16.5%, and 11.7% in the counterfeit notes detected in the denominations of ₹10, ₹20, and ₹200 respectively, the central bank says.
3. The fake Indian currency notes detected in the denominations of ₹50 and ₹100 declined by 28.7% and 16.7% respectively.
4. During the fiscal year 2022, out of the total fake Indian currency notes detected in the banking sector, 6.9% were detected at the RBI and 93.1% by other banks, the report shows.
5. According to the National Crime Records Bureau, fake currency totalling 287,404 notes worth ₹25.3 crore was seized in 2019 — an increase of 11.7% over the previous year.
6. According to the report, the amount of cash has increased by 5% during 2021-22.
7. In 2011, the International Narcotics Control Strategy Report of the US State Department confirmed the flow of counterfeit currency produced in Pakistan to India and that terrorist and criminal networks used this money to finance their activities in the country.
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