According to the annual report of RBI, a total of 2,30,971 counterfeit notes have been caught in the financial year 2021-22. The highest number of counterfeit notes is in the denominations of Rs 500 and Rs 2000. Let us understand how successful RBI was in stopping counterfeit notes in 5 years before and after demonetisation, how many fake notes were recovered and what to do if fake notes are found?
Image Credit source: Moneyinfo
November 8, 2016, the historical date when PM Narendra Modi announced demonetisation in the country. demonetisation Many advantages were counted while implementing it. It was said that this would curb counterfeit currency, eliminate black money, increase cashless economy and make the real estate sector transparent. The central government enumerated the benefits of demonetisation and said that it would benefit the economy, but the RBI report says that even after demonetisation, the cases of getting fake currency have not stopped.
According to the annual report of RBI, a total of 2,30,971 counterfeit notes have been caught in the financial year 2021-22. The highest number of counterfeit notes is in the denominations of Rs 500 and Rs 2000.
Let us understand how successful RBI was in stopping counterfeit notes in 5 years before and after demonetisation, how many fake notes were recovered and what to do if fake notes are found?
Accounts for 5 years before and after demonetisation
RBI’s annual report says, before demonetisation, the number of counterfeit notes recovered is high. On an average, 6 lakh counterfeit notes were seized every year in the last 5 years before demonetisation. If you look at the year wise figures, the number of counterfeit notes increased. In the financial year 2012-2013, a total of 4,98,252 notes were seized from across the country. At the same time, after 5 years, its figure increased to 7,62,072.
Now let us understand how much the number of counterfeit notes has increased or decreased after demonetisation. According to the report, the number of counterfeit notes has decreased year after year after demonetisation. In the next year of the announcement i.e. in the financial year 2017-2018, 5,22,783 counterfeit notes were recovered from across the country. After the next five years, that is, by 2021-2022, this figure has come down to 2,30,971.
Most fake notes of 500 and 2000
If we look at the record of the last 5 years after demonetisation, the highest number of 500 and 2000 notes have been recovered. The report for the financial year 2021-22 says, 92,237 counterfeit notes of Rs 500 were recovered. Compared to last year, this figure is double. 39,453 notes were recovered in 2020-21.In 2020-21, 8,798 fake notes of 2000 rupees were caught. In the financial year 2021-22, this figure increased to 13,604.
What to do if you find a fake note?
If fake notes are found in the ATM, show both the parts of the note in the CCTV installed there. Inform the security guard about this and keep the receipt of the ATM with you. Deposit that note in the bank. Following its procedure, the bank will deposit it and give you another note in lieu of it. During this, definitely show the ATM receipt to the bank.RBI’s guideline says, the bank will have to deposit counterfeit notes, if the bank does not do this, then RBI can take action against it.
If you keep a fake note…
There is a provision of severe punishment in the country for possessing or circulating counterfeit notes. In this case, there is a provision for life imprisonment. Circulating counterfeit notes can be punished with fine under IPC section 489C or with imprisonment of up to 7 years to life. Or along with the sentence of imprisonment, fine can also be imposed.
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