RBI Annual Report Says 500 Fake Currency Circulation Increased 14.6 Percent In 2022-23 Year

RBI Annual Report: According to the annual report of the Reserve Bank of India, the number of fake notes of Rs 500 caught in the banking system increased by 14.6 percent to 91,110 notes in 2022-23 as compared to the previous year. According to the report released on Tuesday, the number of fake notes in the denomination of Rs 2,000 detected by the system declined by 28 per cent to 9,806 notes during the same period. However, the total number of counterfeit Indian currency notes detected in the banking sector declined to 2,25,769 notes in 2022-23 as compared to 2,30,971 notes in the previous financial year.

It is noteworthy that it had increased in 2021-22. The RBI’s annual report also highlighted an 8.4 per cent increase in counterfeit notes detected in the Rs 20 denomination and a 14.4 per cent increase in the Rs 500 (new design) denomination. On the other hand, counterfeit notes of Rs 10, Rs 100 and Rs 2,000 have declined by 11.6 per cent, 14.7 per cent and 27.9 per cent respectively.

RBI gave many information regarding currency

Circulation of banknotes in terms of value and quantity increased by 7.8 per cent and 4.4 per cent respectively during 2022-23. In the financial year 2021-22, this figure was 9.9 percent and five percent respectively. According to the report, by March 31, 2023, the share of Rs 500 and Rs 2,000 bank notes was 87.9 per cent of the total bank notes in circulation in terms of value. A year earlier this figure was 87.1 per cent.

RBI announced to withdraw Rs 2000 note

The Reserve Bank of India (RBI) has recently announced the withdrawal of Rs 2,000 notes and has been given time till September 30 to deposit or exchange them.
The report said, “In terms of volume, the share of Rs 500 notes in the total currency in circulation till March 31, 2023 is 37.9 per cent, which is the highest, followed by Rs 10 notes, whose share is 19.2 per cent.” By the end of March 2023, a total of 5,16,338 lakh notes of Rs 500 were in circulation, whose total value is Rs 25,81,690 crore.

2000 notes have decreased in circulation

The report also said that at the end of March, 4,55,468 lakh notes of two thousand rupees were in circulation, whose total value is Rs 3,62,220 crore. It was further told that there has been a decrease in the circulation of two thousand rupee notes both in terms of value and quantity. At present, notes of Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500 and Rs 2,000 are in circulation. Apart from this, coins of 50 paise, one rupee, two rupees, five rupees, 10 rupees and 20 rupees are also included in circulation.

RBI also introduced E-Rupee on a pilot basis during 2022-23.

According to the report, the value of e-rupee (wholesale) and e-rupee (retail) in circulation till March 31, 2023 was Rs 10.69 crore and Rs 5.70 crore, respectively. The report also said that the demand and supply of notes in 2022-23 was 1.6 per cent higher on an annual basis. The report further said that fake notes found in the denominations of Rs 20 and Rs 500 (new design) have increased by 8.4 per cent and 14.4 per cent, respectively, in the last financial year as compared to 2021-22. On the other hand, counterfeit notes detected in the denominations of Rs 10, Rs 100 and Rs 2,000 declined by 11.6 per cent, 14.7 per cent and 27.9 per cent, respectively.

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