The RBI detected a rise of 10.7% in counterfeit notes of Indian denominations in FY22.
Counterfeit notes detected for denominations of Rs 50 and Rs 100 declined by 28.65% and 16.71% respectively, the report confirmed.
Foreign money circulation witnessed a sluggish progress in FY22. The worth and quantity of banknotes in circulation grew by 9.9% and 5% respectively as in opposition to 16.8% and seven.2% within the previous fiscal.
In keeping with a RBI report, “Throughout 2021-22, out of the whole Faux Indian Foreign money Notes (FICNs) detected within the banking sector, 6.9 % had been detected on the Reserve Financial institution and 93.1 % at different banks”.