Key Points
New Delhi: The new series of the Rs 500 note and the Rs 2,000 note both introduced after demonetisation in 2016 together account for just over 50 percent of the number of counterfeit currency notes that have been detected, according to data submitted to Parliament by the government...
Notably, the number of counterfeit Rs 500 notes of the new series that have been detected has nearly quadrupled between 2018-19 and 2023-24, while the number of fake Rs 2,000 notes has seen a more recent jump nearly tripling since 2022-23...
This is especially significant because one of the stated aims behind the demonetisation exercise and the release of new variants of the bank notes was to reduce counterfeiting...
According to the data submitted by the Ministry of Finance to the Rajya Sabha in response to a question, the total number of counterfeit notes detected or seized by the banking system has fallen over the years from 3.2 lakh notes in 2018-19 to 2.2 lakh notes in 2023-24. t ..
The measures (to reduce counterfeiting) have resulted in a decrease in the number of pieces of denomination-wise counterfeit notes detected/reported in the banking system from 3,17,384 in the year 2018-19 to 2,22,639 in the year 2023-24, Minister of State for Finance Pankaj Chaudhary said in his reply...
