522,783 counterfeit notes detected in FY18 of which 63.9% detected by banks

In 2017-18, 522,783 counterfeit notes were detected in the banking system, of which 63.9 per cent were detected by commercial banks.

Detection of counterfeit notes was 31.4 per cent lower than the previous year, as demonetisation led to submission of a lot of fake notes.

However, compared to the previous year, there was an increase of 35 per cent in Rs 100 notes, “while there was an increase of 154.3 per cent in counterfeit notes detected in the denomination of Rs 50,” said the RBI fake notes are also being made from the new currency.

In the new series of Rs 500 and Rs 2000 notes, fakes detected during 2017-18 were 9,892 and 17,929 as against 199 and 638, respectively during the previous year.