Rs 500 fake currency notes surge 102% in FY22, says RBI annual report

After falling in 2020-21, counterfeit notes recorded a 10.7 per cent uptick in 2021-22, with the Rs 500 denomination fake notes rising by 102 per cent. 

Fake notes of Rs 2,000 increased by 55% in 2021-22 over the previous fiscal year. According to the Reserve Bank of India’s (RBI) annual report, during 2021-22, out of the total Fake Indian Currency Notes detected in the banking sector, 6.9 per cent were detected at the RBI and 93.1 per cent at other banks.