Counterfeit currency in circulation in the market

The Central Government has given a warning about notes of Rs 2,000

New Delhi – Be alert if you have Rs 2,000 notes with you. Check if the Rs 2,000 notes are real or counterfeit. Modi’s Government has made an appeal giving the amount of counterfeit currency in the market. There has been an increase in counterfeit currency between 2018 to 2020. According to the ‘National Crime Record Bureau’ there has been an increase in the confiscated counterfeit notes between 2018 to 2020.

Pankaj Choudhary Minister of State in the Finance Ministry gave the following important report on the counterfeit currency in the Loksabha.

Year      Number of confiscated Rs 2,000 counterfeit notes  
2016           2,272
2017       74,898
2018           54,776
2019          90,556
2020        2,44,834

Increase in proportion of Counterfeit notes in the country – Reserve Bank of India

Reserve Bank of India presented a report in the month of May. There the Bank has given the numerological proportion of the increase in counterfeit notes in the country. In 2021-22 there is an increase in the proportion of counterfeit notes. The proportion of counterfeit notes of Rs 500 has increased by 101.9%, while that of Rs 2,000 notes has increased by 54.16%.

In March 2022 the currency of Rs 500 and Rs 2,000 circulating in the market was at 87.1%. In March 2022 the Rs 500 was the highest, then it was the Rs 10 notes, which are at 21.3% in the market.

Editorial viewpoints

  • What was the Government doing till counterfeit currency in such large numbers infested the markets ?
  • The administration should tell what action they have taken against those who are responsible instead of giving the account and the numbers.

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