RTI Happenings: Fake notes with face value over Rs 101 cr detected: RTI reply

[akhilesh yadav]

Fake notes with face value over Rs 101 cr detected: RTI reply | Business Standard

Reported by: Business Standard.com on 20 July 2012

Fake Indian currency with face value of over Rs 101 crore has been detected in banking channels since 1996, with counterfeit notes of Rs 500 denomination constituting nearly 64 per cent of it. In an RTI reply, the Reserve Bank of India has said a total of 5,21,155 pieces of counterfeit notes were detected between 1996 and 2012 with face value of Rs 101.91 crore. The Rs 500 denomination fake notes detected, during the period, in banking channels had a face value of over Rs 64.40 crore while Rs 1,000 denomination notes had a face value of over Rs 22 crore, it said. The RBI said there is no estimate of counterfeit notes in circulation, and gave the details of such notes which have been detected by banks over the last 16 years.On the details of genuine currency notes, the RBI informed activist Subhash Agrawal that 11,540 million pieces of Rs two and five, 23,002 million pieces of Rs 10, 3,510 million pieces of Rs 20, 3,488 million pieces of Rs 50, 14,119 million pieces of Rs 100, 10,934 million pieces of Rs 500 and 4,774 million pieces of Rs 1000 denomination notes were in circulation as on March 31 this year. The RBI said it has instructed all scheduled banks that bank notes in denominations of Rs 100 and above should be reissued by the banks over their counters or through ATMs only if these banknotes are duly checked for authenticity/ genuineness and fitness by machines. "For this purpose, banks should (i) use such machines in all their branches having average daily cash receipts of Rs one crore and above by March, 2010 and (ii) use such machines in all their branches having average daily cash receipts between Rs 50 lakh and Rs one crore," the RBI said.