₹5.88 Crore in Fake ₹500 Notes Detected in FY25: RBI Report
₹5.88 Crore in Fake ₹500 Notes Detected in FY25: RBI Report
The Reserve Bank of India (RBI) has reported a sharp increase in counterfeit currency, particularly in high-denomination notes, for the financial year 2024–25. According to the RBI’s annual report, 1.18 lakh fake Rs 500 notes (new design) were detected, marking a 37.3% jump from 85,711 notes in 2023–24. The fake Rs 500 notes alone were worth Rs 5.88 crore, up from Rs 4.28 crore the previous year.
Detection of fake Rs 200 notes also rose by 13.9%, with 32,660 counterfeit pieces worth Rs 65.32 lakh found in 2024–25, compared to 28,672 notes worth Rs 57.34 lakh in 2023–24.
Interestingly, the biggest drop in fake currency was seen in Rs 2,000 notes, with only 3,508 counterfeit pieces detected, an 86.5% decrease from 26,035 in the previous year.
Lower denomination notes also saw a share of counterfeit activity:
- Rs 10 notes made up 32.3%
- Rs 100 notes: 23%
- Rs 50 notes: 21.8%
- Rs 20 notes: 14%
In total, 2.17 lakh fake currency notes were detected during 2024–25 — slightly less than the 2.22 lakh pieces found in 2023–24. The vast majority (95.3%) were caught by commercial banks, while the RBI detected the remaining 4.7%.
Meanwhile, the circulation of genuine banknotes has continued to grow. The value and volume of banknotes in circulation rose by 6% and 5.6% respectively during the year.
The Rs 500 note continued to dominate in terms of both value and volume. It made up 86% of the total currency value in circulation and 40.9% by volume, followed by the Rs 10 denomination, which accounted for 16.4% of the total number of notes. Combined, Rs 10, Rs 20, and Rs 50 notes constituted 31.7% of all notes in circulation by volume.
The data highlights the need for ongoing vigilance in counterfeit detection and suggests a potential review of security features in frequently targeted denominations.
