RBI Annual Report: Number of counterfeit notes detected at RBI rises to 17,613 pieces in FY24

Reserve Bank of India

The number of counterfeit notes detected at the Reserve Bank of India (RBI) rose to 17,613 pieces in the financial year 2023-24, according to the annual report released on May 30.

This was sharply higher than 10,465 pieces detected in FY23, and 15,878pieces in FY22.

In FY24, total number of counterfeit notes detected stood at 2,22,639 pieces. Of the total, 2,05,026 pieces were detected at other banks, and 17,613 pieces were detected at RBI, as per annual report.

The central bank said data does not include counterfeit notes seized by the police and other enforcement agencies.

During 2023-24, out of the total Fake Indian Currency Notes (FICNs) detected in the banking sector, 7.9 per cent were detected at the RBI. The counterfeit notes detected in denominations of Rs 10, Rs 20, Rs 50, Rs 100 and Rs 500 declined during 2023-24, while those in Rs 200 denomination increased marginally as compared with the previous year, report said.

On account of the ongoing withdrawal of Rs 2000 banknotes from circulation and processing of these notes in large numbers, counterfeit notes detected in this denomination increased during the year, report added.

As per report, 26,035 pieces of Rs 2000 counterfeit notes detected in FY24, which is sharply higher than last two years.