Fake Currency Notes Found in FY24: RBI Annual Report Reveals Shocking Data

Introduction

The Reserve Bank of India (RBI) recently released its annual report for FY24, shedding light on the alarming rise in counterfeit currency circulation across the country. According to the report, fake notes of various denominations were detected in significant quantities, posing risks to the economy and public trust. In this blog, we summarize the exact data from the RBI report, including denomination-wise counterfeit notes seized in FY24, and share tips to identify fake currency.

Why Counterfeit Currency is a Growing Concern

Counterfeit notes undermine financial systems, enable illegal activities, and harm everyday citizens. The RBI’s advanced detection mechanisms and collaboration with banks have led to the identification of fake notes worth crores. Let’s dive into the numbers.

Fake Currency Notes Detected in FY24: Denomination-Wise Breakdown

According to the RBI Annual Report FY24, the following quantities of counterfeit notes were seized during inspections:

1. ₹10 Notes

• Counterfeit Detected: 14,329 pieces
• Despite being a low-value note, counterfeiters targeted ₹10 due to its frequent circulation in rural areas.

2. ₹20 Notes

• Counterfeit Detected: 9,452 pieces
• Newer design updates have made detection easier, but fake notes remain in circulation.

3. ₹50 Notes

• Counterfeit Detected: 15,366 pieces
• A surge in fake ₹50 notes was observed in semi-urban regions.

4. ₹100 Notes

• Counterfeit Detected: 66,310 pieces
• The most counterfeited note due to its widespread use in daily transactions.

5. ₹200 Notes

• Counterfeit Detected: 28,672 pieces
• Enhanced security features reduced fakes compared to previous years.

6. ₹500 Notes

• Counterfeit Detected: 85,711 pieces
• High-value notes remain prime targets for counterfeiters.

7. ₹2000 Notes

• Counterfeit Detected: 26,035 pieces
• Post-demonetization, detection rates improved, but challenges persist.

Total Fake Notes Detected in FY24: 2,22,639 pieces

Impact of Counterfeit Currency on the Economy

• Loss of Public Trust: Fake notes erode confidence in the monetary system.
• Funding Illegal Activities: Counterfeiting is often linked to terrorism and organized crime.
• Financial Losses: Businesses and individuals bear the brunt of accepting fake currency.

How RBI is Tackling Counterfeit Currency

1. Upgraded Security Features: New notes include elements like see-through registers, latent images, and color-shifting ink.

2. Public Awareness Campaigns: RBI educates citizens through workshops and digital platforms.

3. Bank Training Programs: Staff are trained to identify and report fake notes.

How to Identify Fake Currency Notes

1. Check the security thread – it should be embedded and visible under light.

2. Look for the Mahatma Gandhi portrait and Ashoka Pillar emblem – they should feel raised.

3. Tilt the note to see the color-shifting ink (₹500 and ₹2000 notes).

4. Use UV lights to detect fluorescent fibers.

Conclusion

The RBI’s FY24 report highlights the persistent challenge of counterfeit currency, with over 2.2 lakh fake notes detected. While the central bank continues to innovate, public vigilance is critical. Always verify high-value transactions and report suspicious notes to authorities.

FAQs

Q1. Which denomination had the highest fake notes in FY24?
A: ₹500 notes topped the list with 85,711 counterfeit pieces seized.

Q2. Are ₹2000 notes still in circulation?
A: Yes, but RBI has stopped printing them. Counterfeit detection rates for ₹2000 notes dropped to 26,035 pieces in FY24.

Q3. Where to report fake currency?
A: Hand over counterfeit notes to the nearest bank or police station.