Counterfeit Notes Menace: On November 8, 2016, when PM Narendra Modi announced demonetisation by withdrawing the old Rs 500 and Rs 2000 notes, its main objective was to remove counterfeit notes from the country. will be eliminated. But if you look at the RBI’s annual report, it is clear that the trend of fake notes has increased in India. Even after six years of demonetisation, the presence of counterfeit notes in the country’s banking system continues unabated. Which has increased the concern of the RBI as well as the government. Once again the crisis of counterfeit notes is increasing in the country. At the same time, fake notes of Rs 500 are being found the most. In 2021-22, fake notes of Rs 500 have been found to be more than 100 percent as compared to 2020-21.
The growing havoc of counterfeit notes!
These things have come to the fore in the annual report released by RBI. According to the RBI’s annual report, the number of counterfeit notes in the country in 2021-22 has increased by 10.7 percent compared to the previous year 2020-21. In which the maximum number of fake notes of Rs 500 are being found. In 2021-22, Rs 500 notes have been found to be 101.9 percent more counterfeit than in 2020-21. At the same time, in 2021-22, the number of counterfeit notes of Rs 2,000 has increased by 54.16 percent in 2020-21.
Fake notes increased the crisis
According to the RBI report, there has been an increase of 16.4 per cent in the number of counterfeit notes of Rs 10 and 16.5 per cent in counterfeit notes of Rs 20. At the same time, the number of counterfeit notes of Rs 200 has increased by 11.7 percent. On the other hand, 28.7 percent of the fake notes of 50 rupees have been found, while the fake notes of 100 rupees have been found 16.7 percent more during this period. According to the report of RBI, 93.1 fake notes have been found in banks, then 6.9 percent of fake notes have been identified in RBI.
effect of counterfeit notes
Fake notes weaken the economic structure of the country. This also increases inflation as the cash flow in the banking system increases. Fake notes increase illegal transactions in the country as such transactions do not use legal currency.