Counterfeit Currency of 500 rampant
Data presented in Parliament reveals a staggering surge in counterfeit ₹500 and ₹2000 notes across the country:
▪️Counterfeit ₹500 (Mahatma Gandhi New Series) notes detected in the banking system skyrocketed from 21,865 million pieces in 2018-19 to 85,711 million pieces in 2023-24.
▪️This marks an approximate 300% increase over five years.
▪️FY22 witnessed the sharpest annual spike in counterfeit ₹500 notes, doubling from 39,453 million pieces in FY21 to 79,669 million pieces—a 102% surge in a single year.
▪️Counterfeit ₹2000 notes also saw an alarming 166% rise in FY24, leaping from 9,806 million pieces in FY23 to 26,035 million pieces.
▪️This data underscores the colossal failure of demonetisation, a policy touted as a decisive move to curb counterfeit currency and black money.
▪️Over the past eight years, repeated analyses have labeled demonetisation a monumental misstep, with far-reaching consequences.
The government's own figures expose how this ill-conceived policy has backfired, devastating not only the economy but also the livelihoods of countless small and medium businesses! more
▪️Counterfeit ₹500 (Mahatma Gandhi New Series) notes detected in the banking system skyrocketed from 21,865 million pieces in 2018-19 to 85,711 million pieces in 2023-24.
▪️This marks an approximate 300% increase over five years.
▪️FY22 witnessed the sharpest annual spike in counterfeit ₹500 notes, doubling from 39,453 million pieces in FY21 to 79,669 million pieces—a 102% surge in a single year.
▪️Counterfeit ₹2000 notes also saw an alarming 166% rise in FY24, leaping from 9,806 million pieces in FY23 to 26,035 million pieces.
▪️This data underscores the colossal failure of demonetisation, a policy touted as a decisive move to curb counterfeit currency and black money.
▪️Over the past eight years, repeated analyses have labeled demonetisation a monumental misstep, with far-reaching consequences.
The government's own figures expose how this ill-conceived policy has backfired, devastating not only the economy but also the livelihoods of countless small and medium businesses! more
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I think in India, wrongful activities have increased over the period. Govt is totally unable to handle it properly. Time has come that the Hardcore CRIMINNAL, Economic Offenders must be given CAPITAL punishment only. This will create an element of FEAR among all Criminals. This will also reduce the load on Govt machinery. more
Dec 06
In India we have such cheating and frauds going on and they are always on the rise. Counterfeit, Cyber crimes and frauds, embezzlement, cheating. May be the police are having their hands full. Punishment is not quick and severe. So........... people beware and take care!. more
Dec 05
It's truly shocking. This indicates an alarming sign. Govt. laxity and weak administration only make space to the corrupt people to get engaged in such activity with no fear in mind.Govt. is only keen to enhance the size of the GDP. more
Nov 29
Truly said Narayanan any law implementation is very poor here.That is the reason all people who do malpractices know about it and hence carry on their work without thinking the consequences.Also If rbi knew from 2019 the increase is happening then what actions have they taken and it has to be curbed then and there itself. more
Nov 29
In addition to Mr Thom Babu's suggestions, I would like to add that while collecting back500/-notes those should be credited to the bank account and not exchange accross the bank counter. more
Nov 28
