Value, volume of bank notes rose in FY23, fake notes declined

Published - May 30, 2023 09:36 pm IST - MUMBAI

The value and volume of banknotes in circulation increased by 7.8% and 4.4%, respectively, during 2022-23 as compared with 9.9% and 5.0%, respectively, during 2021-22, the Reserve Bank of India (RBI) noted in its Annual Report for 2022-23.

In value terms, the share of `₹500’ and `₹2000’ banknotes together accounted for 87.9% of the total value of banknotes in circulation as on March 31, 2023, as compared with 87.1% as on March 31, 2022.

In volume terms, ₹500 denomination constituted the highest share at 37.9%, followed by ₹10 denomination banknotes which constituted 19.2% of the total banknotes in circulation as on March 31, 2023, the RBI said.

A total of 2,25,769 fake currency notes were found both by the RBI and other commercial banks in FY23, the central bank noted. This was lower than the 2,30,971 units of fake notes found in the previous year.

“During 2022-23, out of the total Fake Indian Currency Notes (FICNs) detected in the banking sector, 4.6% were detected at the Reserve Bank and 95.4% at other banks,” the RBI said.

“Compared to the previous year, there was an increase of 8.4% and 14.4% in the counterfeit notes detected in the denominations of ₹20 and ₹500 (new design), respectively. The counterfeit notes detected in the denominations of ₹10, ₹100 and ₹2000 declined by 11.6%,” it said.

The RBI clarified that the fake notes seized by police and other enforcement authorities had not been taken into consideration. 

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