New currency among 20 percent higher fake ones

New Delhi: Fake currency is on the increase despite all government efforts to plug their flow, the Reserve Bank of India’s (RBI) data shows. The stunner is that among the fake ones are the Rs 2,000 and 500 notes too, the original of which were introduced only by December last year.

RBI data shows that there had been a 20.4 percent increase in fake currency notes received by banks in the country in the 2016-17 fiscal year, as compared to the previous fiscal. The maximum number of such notes were in the Rs 1,000 denomination.

The RBI data reveals that 6.32 lakh fake currency notes were received at the banks in 2015-16. In the next fiscal, it rose to 7.62 lakh. Government had organized additional methods to detect fake ones after the demonetization of Rs 1,000 and 500 notes in November last year. RBI documents show that there had been a fall in fake Rs 100 notes but an increase was noted in the Rs 1,000 notes.

Banks received 638 fake currency notes of Rs 2,000 denomination, and 199 of the 500 notes. Of the old 500 rupee note, banks got 3,17,567 in 2016-17, compared to 261,695 in the previous year. At the same time, Rs 100 notes came down from 2,21,447 in 2015-16 to 1,77,195 last year.

Fake ones are not lagging behind in the small currency either. Rs 2 and Rs 5 fake notes are also available. As compared to just two notes in 2015-16, banks received 80 in the year that followed.

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