RBI annual report: 762,072 counterfeit notes detected in FY 2016-17


New Delhi, Aug 31: The Reserve Bank of India (RBI) in its annual report revealed as many as 762,072 pieces of counterfeit currency notes were detected in the financial system in last financial year. 

In the annual report, RBI said that coincident with the announcement of scraping higher value currency notes of Rs 500 and Rs 1000 notes due to demonetisation, it launched a countrywide move to estimate the density of fake Indian currency notes (FICNs) detected during the counting and verification of notes.

Report also said, apart from Rs 100, the detection of high valued notes of Rs 500 and Rs 1,000 increased during year 2016-2015.

The total value of fake demonetised currency notes was around Rs 41 crore, out of which pieces of 2,56,324 Rs 1,000 notes valued at Rs 25.63 crore were detected during FY17.

With this fake notes was 20.4 per cent higher than the previous fiscal.

The data showed, rate of FICN detected per million pieces of notes processed at CC (currency chest) level at 7.1 pieces for Rs 500 denomination and 19.1 pieces for Rs 1000 denomination, which were higher than the rate of detection at the Reserve Bank.


“At the RBI’s currency verification and processing system last fiscal, there were 2.4 pieces of fake currency notes of Rs 500 denomination and 5.8 pieces of Rs 1000 for every million pieces notes processed”, news agency PTI quoted.

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