Be alert: Rs 100, Rs 500 notes are more likely to be counterfeit
Rupee notes in the 500 and 100 denominations are more likely to be counterfeit than Rs 1000 notes, RBI data has revealed. Sachin Kumar reports.mumbai Updated: Sep 05, 2013 02:06 IST
Rupee notes in the 500 and 100 denominations are more likely to be counterfeit than Rs 1000 notes, RBI data has revealed.
The number Rs 500 fake notes detected stood at 281,265, while 108,225 fake notes of Rs 100 denominations were found — while just 98,459 fake notes of Rs 1,000 denomination were found in 2012-13.
The RBI data also revealed that counterfeit notes had come down in 2012-13 at 498,252, marginally less than 521,155 in 2011-12.
"Increased use of sorting machines, which are capable of detecting counterfeit notes, in banks is leading to detection of more fake notes," said a senior official of a public sector bank.
RBI has also asked banks to ensure that the notes they receive over the counters are recirculated only after they have been properly authenticated through machines.
"Counterfeit versions of Rs 100 and Rs 500 denomination may be higher because their usage is higher than Rs 1,000 notes," said Navroze Dastur, managing director, NCR India, ATM manufacturer, adding that manufactures have also introduced cash depositing machines capable of detecting fake notes.