RBI annual report: 762,072 fake notes detected in 2016-17

According to RBI, as many as 762,072 pieces of fake notes were detected in the banking system last fiscal, a 20.4% increase over the previous year. In 2015-16, 632,000 fake currency notes had been detected, RBI said in its annual report for 2016-17.

It also said that barring Rs 100, the detection of fake notes increased across denominations—notably, Rs 500 and Rs 1000—during the last fiscal.

In the annual report, RBI said that coincident with the announcement of the withdrawal of Rs 500 and Rs 1000 notes due to demonetisation, it launched a nationwide exercise to estimate the density of fake Indian currency notes (FICNs) detected during the counting and verification of notes.

RTI Activist Prafful Sarda put an RTI demanding these information from RBI and details received exposes a shabby fake news, these media houses propagated defaming demonetisation and Government.

“The result showed the rate of FICN detected per million pieces of notes processed at CC (currency chest) level at 7.1 pieces for Rs 500 denomination and 19.1 pieces for Rs 1000 denomination, which were higher than the rate of detection at the Reserve Bank,” the annual report said.

“Huge amount of fake 500 & 1000 RS notes were detected by the banks. Many specious financial transactions detected by the financial institutions. Once again it’s proved even though Demonization was risky decision but Hon.Prime-Minister Modi took it for betterment of Indian economy”, Said RTI activist Prafful Sarda

At the RBI’s currency verification and processing system, in 2015-16, there were 2.4 pieces of FICNs of Rs 500 denomination and 5.8 pieces of Rs 1000 for every million pieces notes processed. These figures rose to 5.5 and 12.4 pieces, respectively, during the post-demonetisation period.

Since so many fake currencies were in circulation, it was extremely important for PM Modi to take the bold step of demonetisation. PM Modi has taken a step which was the need of the hour and his decision should be applauded by Every Indian citizen