NEWS & ADVICE : FIXED DEPOSITS
Report on counterfeit notes
By Neelima Shankar
Aug 25, 2014
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Recent reports on counterfeit notes have shown that maximum number of counterfeit notes accounts for Rs 500. 52% of the fake currency is of the 500 denominations, 24% of Rs 100 and 22.5% of the Rs 1000.

On the other hand it is also noticed that the number of counterfeit notes of Rs 500 has decreased while the Rs 100 and Rs 1000 fake notes have increased by 9.8% and 11.8% respectively. The apex has introduced the penalty on detection and reporting of counterfeit notes by banks. The total number of counterfeit notes detected last year were 4,98,252 and this year they went down to 4,88,273 this year.

To detect the fake notes RBI has asked the banks to deploy proper notes detecting machines and creation of forged notes vigilance cells in all banks. Further the RBI is also having the plan to in traduce the plastic currency by next year.


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