Counterfeit notes of ₹500 denomination recorded a 101.9% jump in the financial year 2021-22, the Reserve Bank of India's annual report for 2021-22 shows.
Fake notes of ₹2,000 denomination surged 54.6% year-on-year in FY22, while there was an increase of 16.4%, 16.5%, and 11.7% in the counterfeit notes detected in the denominations of ₹10, ₹20, and ₹200 respectively, the central bank says.
The fake Indian currency notes detected in the denominations of ₹50 and ₹100 declined by 28.7% and 16.7% respectively.
During the fiscal year 2022, out of the total fake Indian currency notes detected in the banking sector, 6.9% were detected at the RBI and 93.1% by other banks, the report shows.
Congress MP Rahul Gandhi attacked prime minister Narendra Modi on Sunday, saying "the only unfortunate success of demonetisation was the torpedoing of India’s economy." On November 8, 2016, PM Modi had announced demonetisation, promising to end fake currency circulation and black money among other things.
The total expenditure incurred on security printing during April 1, 2021 to March 31, 2022 was ₹4,984.8 crore as against ₹4,012.1 crore in the previous year (July 1, 2020 to March 31, 2021).
To spread awareness, the Reserve Bank of India will launch a new microsite for banknotes, hosting information on security features and exchange facility for banknotes.
“The hallmark of the microsite is that the information will be disseminated not only through multiple modes such as 360-degree views of the design and security features of banknotes, explanatory videos and animations, but also through interactive games,” the central bank says.
The disposal of soiled banknotes increased by 88.4% to 1,878.01 crore pieces during 2021-22 from 997.02 crore pieces in the previous year.
Risk from Big Tech
The Reserve Bank of India (RBI) on Friday said the involvement of Big Tech companies in the banking, financial services and insurance sector brings systemic risks. The banking regulator is exploring a policy framework for digital banking, fintech and Big Tech.
"Greater use of technology accentuates the concerns related to cyber security. Further, the involvement of BigTechs in the BFSI segment also brings along systemic risks. All of the above have implications for financial stability and it is the endeavour of the Reserve Bank to mitigate such risks through careful choice of technology and frameworks," the RBI says.
The Reserve Bank will facilitate setting up of 75 digital banking units in 75 districts of the country during 2022-23.
On Central Bank Digital Currency (CBDC), the Reserve Bank of India has proposed to adopt a graded approach to introduction of CBDC, going step by step through stages of proof of concept, pilots and the launch.
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