Following a drop in 2020-21, counterfeit notes increased by 10.7% in 2021-22, with the Rs 500 denomination fake notes rising by 102%. According to a recent report by the central bank, of all the notes that have seen an increase in fake notes, the Rs 500 has been the hardest hit.
In comparison to the previous year, the RBI discovered 101.9 percent more fake Rs 500 notes and 54.16 percent phonier Rs 2,000 tender notes.
In 2021-22, fake Rs 2,000 notes surged by 55 percent over the previous fiscal year. According to the Reserve Bank of India's (RBI) annual report, the RBI discovered 6.9% of the total Fake Indian Currency Notes found in the banking industry from 2021-to 22, whereas other banks detected 93.1 percent.
Here's how to check the Rs 500 note's authenticity:
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If you shine a light on the money note, you may see 500 written in different places.
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The currency note would also include the number 500 inscribed in Devanagari.
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The photo of Mahatma Gandhi shifts to the right in terms of orientation and relative position.
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The name India will appear on the Rs 500 currency note.
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The color of the security head changes from green to indigo when the currency note is bent.
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The Governor's signature, guarantee clause, commitment clause, and RBI logo have all been relocated to the currency note's right side.
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The currency note features Mahatma Gandhi's portrait and an electrotype marking.
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The green color of the Rs 500 written on the note changes to blue.
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On the right side of the currency note, there is an Ashoka Pillar.
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Swachh Bharat logo and motto printed.
Rs 2000 Notes Continue Declining:
The amount of banknotes in the Rs 2000 denomination has continuously decreased over the years, reaching 214 crores at the end of March this year, accounting for 1.6% of all currency notes in circulation.
The number of Rs 2000 denomination notes in circulation at the end of March 2020 was 274 crore, accounting for 2.4 percent of all currency notes in circulation. As of March 2021, the count had dropped to 245 crores, or 2% of all banknotes in circulation, and had further dropped to 214 crores, or 1.6 percent, at the end of the previous fiscal year.
"In terms of volume, Rs 500 denomination banknotes accounted for 34.9 percent of total banknotes in circulation as of March 31, 2022," according to the annual report for 2021-22 released on Friday. "Rs 10 denomination banknotes accounted for 21.3 percent of total banknotes in circulation as of March 31, 2022."
At the end of March 2021, the Rs 500 denomination notes held a 31.1 percent share, down from 25.4 percent in March 2020. From March 2020 to March 2022, the value of these notes increased from 60.8 percent to 73.3 percent.
