Counterfeiting of Rs 500 notes up by 121% in 2018-19: RBI

New Dehi, Aug 29 (IANS) Counterfeiting of the newly-designed Rs 500 notes shot up by 121 per cent and of the Rs 2,000 notes by 21.9 per cent in 2018-19 in comparison to the previous year, the RBI said on Thursday.

Of the Rs 200 denomination note, which was introduced in August 2017, as many as 12,728 counterfeit notes were detected as against 79 during the previous year, the RBI said.

Further, the RBI detected an increase of 20.2 per cent, 87.2 per cent and 57.3 per cent in counterfeit notes detected in the denominations of Rs 10, Rs 20 and Rs 50, respectively, but counterfeit notes detected in the denomination of Rs 100 declined by 7.5 per cent.

Out of the total Fake Indian Currency Notes (FICNs) detected in 2018-19 in the banking sector, 5.6 per cent were detected at the RBI and 94.4 per cent by other banks, the RBI said.

The total expenditure incurred on security printing, the RBI said, from July 1, 2018 to June 30, 2019 stood at Rs 48.11 billion as against Rs 49.12 billion in the previous year.

--IANS

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