Overall a total of 2.25 lakh fake notes were detected during the fiscal down from 2.30 lakh a year ago. Besides the sharp increase in the demonetised Rs 1000 notes, counterfeit notes of the newly introduced Rs 500 notes also rose sharply, increasing 14% to 91,110 pieces in 2022-23 from 79,669 pieces a year ago.
“Compared to the previous year, there was an increase of 8.4% and 14.4% in the counterfeit notes detected in the denominations of Rs 20 and Rs 500 (new design), respectively. The counterfeit notes detected in the denominations of Rs 10, Rs 100 and Rs 2000 declined by 11.6%, 14.7% and 27.9%, respectively,” RBI said in its annual report.
Overall in value terms, the share of Rs 500 and Rs 2000 banknotes together accounted for 87.9% of the total value of banknotes in circulation as of March 2023, slightly higher compared to the 87.1% a year ago. In volume terms, Rs 500 denomination constituted the highest share at 37.9%, followed by Rs 10 denomination notes which constituted 19.2% of the total banknotes in circulation as of March 2023.
The total expenditure incurred on printing of notes decreased 6% to Rs 4,683 crore in 2022-23 from Rs 4,985 crore in the previous year. Total soiled notes disposed increased 22% to 2,292.64 crore pieces during 2022-23 from 1,878.01 crore pieces in the previous year.
In the current fiscal year, the RBI will focus on enhancing banknote distribution efficiency and efficacy and also understanding better, the trends in public preference for cash vis-à-vis other modes of payment, the central bank said.
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