Fake Rs 100, Rs 1,000 Currency Notes Growing, Say Banks
The number of fake Rs 100 and Rs 1,000 notes caught by the Reserve Bank of India and other banks has increased.
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The Border Security Force has seized Rs 20 lakh worth of fake currency from West Bengal, near the Indo-Bangla border. Currency notes of Rs 500 and Rs 1,000 denominations were found in an abandoned bag.
This comes right after the government disclosure of an increase in counterfeit currency.
Over the past three years, the number of counterfeit Rs 1,000 currency notes have increased, reports The Hindu. The number of fake Rs 100 notes caught by the Reserve Bank of India and other banks has also increased.
On the other hand, the number of counterfeit Rs 500 currency notes have gone down in the same time period.
The number of counterfeit notes stood at 4.9 lakh in 2013-2014, at 5.9 in 2014-15, and in 2015-2016 the number went unto 6.3 lakh.
The information was made available by the Finance Ministry in the Lok Sabha.
The various measures RBI has to check fake currency can also be tested by the lay person.
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Topics: West Bengal Fake Currency Indian Currency
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