Increase in Counterfeit Notes Detected by RBI in FY 2023-24

The Reserve Bank of India (RBI) has reported a significant increase in the detection of counterfeit notes during the financial year 2023-24. The number of fake currency notes identified at the RBI rose sharply compared to the previous fiscal year, highlighting ongoing challenges in combating currency counterfeiting.

Key Highlights:

Rise in Counterfeit Detection:

• Increase in Numbers: The RBI detected 17,613 counterfeit notes in FY 2023-24, a significant increase from the 10,465 pieces detected in FY23.
• Total Detection Across Banks: In total, 2,22,639 counterfeit notes were detected across all banks, with 2,05,026 pieces identified by other banks and 17,613 pieces by the RBI itself.

Detection Details:

• RBI’s Share: Out of the total Fake Indian Currency Notes (FICNs) detected, 7.9% were identified at the RBI.
• Denomination Insights: While the detection of counterfeit notes in denominations of Rs 10, Rs 20, Rs 50, Rs 100, and Rs 500 declined during 2023-24, there was a marginal increase in the detection of counterfeit Rs 200 notes.

Implications and Measures:

• Enhanced Vigilance: The increase in detected counterfeit notes underscores the need for enhanced vigilance and robust security measures to prevent the circulation of fake currency.
• Technological Upgrades: The RBI may need to invest in more advanced detection technologies and improve the training of personnel to identify counterfeit notes more effectively.
• Public Awareness: Raising public awareness about the security features of genuine currency notes is crucial in aiding the detection and reporting of counterfeit notes by individuals and businesses.

Conclusion:

The rise in the detection of counterfeit notes at the RBI in FY 2023-24 highlights ongoing challenges in ensuring the integrity of the currency in circulation. By implementing stronger security measures, investing in advanced detection technologies, and increasing public awareness, the RBI aims to combat the proliferation of counterfeit currency and maintain trust in the financial system.