A new RBI report said that there is an over 100% increase in fake Rs 500 notes and below. Here is how to check their authenticity.
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In the financial year 2021-22, the Reserve Bank of India (RBI) reported an increase in counterfeit notes of all denominations (FY22).
According to a recent report by the central bank, of all the notes that have seen an upsurge in fake notes, the Rs 500 has been the worst hit.
In comparison to the previous year, the RBI discovered 101.9 % more fake Rs 500 notes and 54.16 % more phony Rs 2,000 tender notes.
Here is how you can check the authenticity of Rs 500 note
1. If the light is shed on the currency note, you will be able to see 500 written in special places.
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2. 500 will also be written in Devanagari on the currency note
3. Orientation and relative position of Mahatma Gandhi’s photo shifts to the right.
4. India will be written on the Rs 500 currency note.
5. When the currency note is bent, the security head colour will change from green to indigo.
6. Governor’s signature, guarantee clause, promise clause, and RBI emblem have moved to the right of the currency note
7. Mahatma Gandhi’s photo and electrotype watermark are there on the currency note.
8. Colour of the Rs 500 written on the note changes from green to blue.
9. Ashoka Pillar on the right side of the currency note
10. Printed Swachh Bharat logo and slogan
Number of Rs 2000 currency notes continue to decline
The amount of bank notes in the Rs 2000 denomination has continuously decreased over the years, reaching 214 crore at the end of March this year, accounting for 1.6% of all currency notes in circulation.
The number of Rs 2000 denomination notes in circulation at the end of March 2020 was 274 crore, accounting for 2.4 percent of all currency notes in circulation. As of March 2021, the count had dropped to 245 crore, or 2 percent of all bank notes in circulation, and had further dropped to 214 crore, or 1.6 percent, at the end of the prior fiscal year.
Rs 500 notes
According to the study, the quantity of Rs 500 denomination notes in circulation at the end of March this year increased to 4,554.68 crore from 3,867.90 crore the previous year.
“In volume terms, Rs 500 denomination constituted the highest share at 34.9 per cent, followed by Rs 10 denomination bank notes, which constituted 21.3 per cent of the total bank notes in circulation as on March 31, 2022,” the annual report for 2021-22 released on Friday said.
At the end of March 2021, the Rs 500 denomination notes held a 31.1 percent share, down from 25.4 percent in March 2020. From March 2020 to March 2022, the value of these notes increased from 60.8 percent to 73.3 percent.