Fake 500 rupee notes up 121% in 2018-19, says RBI

[Mitron]

New Dehi: Counterfeiting of the newly-designed ₹500 notes shot up by 121 per cent and of the ₹2,000 notes by 21.9 per cent in 2018-19 in comparison to the previous year, the RBI said on Thursday.

Of the ₹200 denomination note, which was introduced in August 2017, as many as 12,728 counterfeit notes were detected as against 79 during the previous year, the RBI said.

Further, the RBI detected an increase of 20.2 per cent, 87.2 per cent and 57.3 per cent in counterfeit notes detected in the denominations of ₹10, ₹20 and ₹50, respectively, but counterfeit notes detected in the denomination of ₹100 declined by 7.5 per cent.

Out of the total Fake Indian Currency Notes (FICNs) detected in 2018-19 in the banking sector, 5.6 per cent were detected at the RBI and 94.4 per cent by other banks, the RBI said.

The total expenditure incurred on security printing, the RBI said, from July 1, 2018 to June 30, 2019 stood at ₹48.11 billion as against ₹49.12 billion in the previous year.

https://www.livemint.com/industry/banking/fake-500-rupee-notes-up-121-in-2018-19-says-rbi-1567136425194.html

[Mitron]

Circulation of counterfeit new Rs 500 notes surged by 121% in FY19: RBI

New Delhi: During 2018-19, out of the total Fake Indian Currency Notes (FICNs) detected in the banking sector, 5.6 per cent were detected at the Reserve Bank and 94.4 per cent were detected by other banks, said Reserve Bank of India's (RBI) annual report 2019.

Compared to the previous year, there was an increase of 20.2 per cent, 87.2 per cent and 57.3 per cent in counterfeit notes detected in the denominations of ₹10, ₹20 and ₹50, respectively. Counterfeit notes detected in the denomination of Rs 100 declined by 7.5 per cent, the report further said. 

 

 

"In the denomination of Rs 200, which was introduced in August 2017, 12,728 counterfeit notes were detected as against 79 during the previous year. However, the counterfeit notes in the denomination of Rs 500 (new design notes), increased by 121.0 per cent, while in Rs 2000, it increased by 21.9 per cent during 2018-19," according to the RBI's annual report released on Thursday.

As per the report, amongst the electronic modes of payments, the Real Time Gross Settlement (RTGS) system handled 137 million transactions valued at Rs 1,357 trillion in 2018-19, up from 124 million transactions valued at Rs 1,167 trillion the previous year. At the end of March 2019, the RTGS facility was available through 142,975 branches of 216 banks. NEFT system handled 2.3 billion transactions valued at around ₹228 trillion in 2018-19, up from 1.9 billion transactions valued at Rs 172 trillion in the previous year, registering a growth of 19.1 per cent in terms of volume and 32.3 per cent in terms of value.

At the end of March 2019, the NEFT facility was available through 144,927 branches of 209 banks, in addition to a large number of business correspondent (BC) outlets, the report added.

Apart from this, the currency in circulation (CiC) included banknotes and coins. According to the report, "At present, the Reserve Bank issues notes in denominations of Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500 and Rs 2000. Coins in circulation comprise 50 paise and 1, 2, 5 and 10 rupee denominations. In terms of value, banknotes accounted for major share of the total CiC (around 99 per cent)." 

However, the value and volume of banknotes in circulation increased by 17.0 per cent and 6.2 per cent to Rs 21,109 billion and 108,759 million pieces, respectively, during 2018-19. In value terms, the share of Rs 500 and Rs 2000 banknotes, which had together accounted for 80.2 per cent of the total value of banknotes in circulation at end-March 2018, increased to 82.2 per cent at end-March 2019, said the report.

The report highlighted the fact that there was a sharp increase in the value of Rs 500 banknotes in circulation from 42.9 per cent to 51.0 per cent over the year. In volume terms, Rs 10 and Rs 100 banknotes constituted 47.2 per cent of total banknotes in circulation at end-March 2019 as against 51.6 per cent at end-March 2018. 

 

https://www.timesnownews.com/business-economy/economy/article/circulation-of-counterfeit-new-rs-500-notes-surged-by-121-in-fy19-rbi/478768

[Mitron]

 

@Kool_SRG

[VictoryTDP]

Bodi 

[Deadp0ol2]

more online transactions and credit card usage penchaale. unpad gaalaki paytm laanti tech edo okati raavale.

should ban all big notes only 50s and 100s automatic ga credit cards vaadtar

effective ga inko 2 to 3 times demonitize cheste sari

[Deadp0ol2]

34 minutes ago, VictoryTDP said:

Bodi 

Modi lekapothe Amaravathi lo TDP notes printing press pedtunde

[boeing747]

Inko demonitization chesthe fake notes anni stop avutai ani @amitshah said

[Kool_SRG]

45 minutes ago, Mitron said:

 

@Kool_SRG

 

Goose bumps... Sabka Saatha Sabka Vikaas, ante donga notla mudrana batch ki kuda Ache Din...

[AndhraneedSCS]

US lo laga, no additional fee for using cards and 1-3% cashback isthe.. janalu andaru cards vadatharu. 

 

 

[Kool_SRG]

Just now, AndhraneedSCS said:

US lo laga, no additional fee for using cards and 1-3% cashback isthe.. janalu andaru cards vadatharu. 

 

 

Debit cards ki no fee , Credit Cards ki 2% teesukuntaaru some merchants although its not allowed by RBI...

Cards baane vaadutunnaru, actually Fuel filling ki if you fill using Cards cashback vastadi but people pay by cash..

I once saw a guy who came on MERC and filled some 60 litres petrol and payed it fully by cash, appudu anukunna arey card toh pay cheste boledu cash back vachedi ani..1000 rupees fuel around 10 rupees cash back vasthadi aah lekkana aah MERC vaaniki around 600 cashback vachedi card payment cheste..