India’s fake currency pile is rising fast. The Reserve Bank of India (RBI) detected counterfeit notes worth Rs. 24.7 crore in 2011-12 — a more than five-fold jump in value in the past five years.
The central bank received 5.21 lakh fake notes from banks in 2011-12 as compared to 1.95 lakh in 2007-08.
In 1996, the year RBI started collecting fake currency, only 11,533 notes were detected.
The steep rise in the total value of fake currency in the past five years was mainly because of the increase in circulation of counterfeit notes of Rs. 500 and Rs. 1,000 denominations, according to data provided by the bank in reply to an RTI application.
The RTI reply says the RBI, to check fake currency, has started a pilot project of circulating one billion plastic notes in Mysore, Kochi, Shimla, Jaipur and Bhubaneswar.