The Reserve Bank of India released its Annual Report on Tuesday . It stated that there is a sharp rise in the number of fake notes of Rs 200 and Rs 500 denominations during the financial year of 2019-20.
The data also revealed that during the 2019-20 fiscal year, the Central Bank did not print any new note of Rs 2000. Hence, the circulation of Rs 2000 notes has been falling drastically.
In 2016, the BJP Govt. banned 500 and 1000 notes to hinder the production and circulation of fake notes but the recently released data doesn’t do well to the claims made by the Government.
As per the report, there was an increase of 144.6 per cent, 28.7 per cent, 151.2 per cent and 37.5 per cent in counterfeit notes detected in the denominations of
200 and500 respectively. Counterfeit notes detected in the denominations of
20,100 and `2000 declined by 37.7 per cent, 23.7 per cent and 22.1 per cent, respectively.
During 2019-20, out of the total Fake Indian Currency Notes (FICNs) detected in the banking sector, 4.6 per cent were detected at the Reserve Bank and 95.4 per cent by other banks. The report also stated that the total expenditure incurred on security printing during July 1, 2019, to June 30, 2020, was
4,377.84 crore as against4,810.67 crore in the previous year mainly due to lower indent placed during the year.
To read the full report, click on the link below