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Business Economy


Counterfeit notes in banking system decline but value of seized fake currency notes on rise

New Delhi, Dec 7 (UNI) Number of counterfeit bank notes detected in the banking system has shown declining trend but the value of seized fake Indian currency notes has jumped significantly over the years.
As per National Crime Record Bureau (NCRB) data, the value of seized Fake Indian Currency Notes (FICN) surged to Rs 92.17 in 2020 from Rs 17.95 crore in 2017.
One of the key objectives of demonetisation in November, 2016 was elimination of fake currency as it hurt the economy and helped anti-national elements. The value of seized FICN in 2016 was Rs 15.92 crore.
But number of counterfeit bank notes in the banking channel has been on downward trend.
As per annual report of Reserve Bank of India (RBI), 7,62,072 pieces of counterfeit bank notes were detected in the banking system in 2016-17. Steadily declining since then, the number came down to 2,08,625 pieces in 2020-21.
"Therefore, there is discernable trend of reduction in number of counterfeit banknotes detected in the banking system," Minister of State for Finance Pankaj Chaudhary said in a written reply in Rajya Sabha on Tuesday.
Asked whether Prime Minister or some Union Minister had announced that demonetisation would lead to reduction in fake currency in the country, the Minister did not reply directly.
"The gazette notification of 8th November, 2016 notifying cessation of legal tender status for specified bank notes, states that "it has been found to be difficult to easily identify genuine bank notes from the fake ones and that the use of fake currency notes is causing adverse effect to the economy of the country," he said.
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