Value of counterfeit notes detected in banking system reduces to Rs 8 crore 26 lakh in 2021-22

Value of counterfeit notes detected in banking system reduces to Rs 8 crore 26 lakh in 2021-22

• The government today claimed that the value of counterfeit notes detected in the banking system has reduced from 43 crore 47 lakh rupees in 2016-17 to eight crore 26 lakh rupee in 2021-22.
• The value of fake currency seized in the year 2017 was 28 crore 10 lakh rupees and in 2020 it was 92 crore 18 lakh rupees.
• The number of counterfeit banknotes has come down 7,62,000 pieces in 2016-17 to over 2,90,000/- in 2020-21 post decision of the government to cancel the Legal Tender Status of one thousand rupees and five hundred rupees denomination currency notes on 8th November 2016.
• The decision of demonetisation had several objectives including curbing of circulation of Fake Indian Currency Notes.

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Published date : 08 Aug 2022 06:10PM