RTI reply – RBI reveals problem of counterfeit notes on the rise
As per a reply provide to an application filed under the RTI Act by the Reserve Bank of India (RBI), it has come to light that counterfeit currency worth Rs. 24.7 crore was detected in 2011-12, which is nearly a five-fold increase than the number in the past five years. The RBI received 5.21 lakh fake notes in the last financial year from the banks as compared to 1.95 lakh in 2007-08. The RBI had started collecting fake notes from 1996 and in that year it only 11,533 counterfeit currency were detected.
There has been an increase in the value of the fake notes which are in circulation. More notes of higher denomination, especially Rs. 500/- and Rs. 1000/- has been detected during the last five years. The government does not have any “estimate on the counterfeit notes in circulation” as per the reply provided to the applicant.
Quantum of fake notes seized by banks
2011-12: 24.7 crore
2010-11: 18.9 crore
2009-10: 16.45 crore
2008-09: 15.5 crore
2007-08: 4.54 crore
Highest fakes are in the denomination of Rs. 500/- and Rs. 100/-. The Rs 1,000 notes witnessed a jump from 3,151 fake notes in 2006-07 to 83,280 fake notes in 2011-12. Just six fakes notes were detected in the year 2001 when the Rs. 1,000 notes were released. Counterfeiting has witnessed five-fold increase since 2007-08 and 44 times since 1996-97.