New Delhi (Sputnik): Indian Prime Minister Narendra Modi in 2016 announced a ban on high value Rs.1,000 and Rs. 500 currency notes in circulation, as a means of curbing forgery, terror funding and black money. India’s total currency in circulation, worth $200 billion at the time, was swapped with fresh Rs. 2,000 and Rs. 500 notes.
Despite New Delhi’s November 2016 massive currency swap, counterfeit currency remains a challenge, according to the country’s top bank – Reserve Bank of India (RBI).
According to RBI statistics, the number of counterfeit demonetised Rs. 1,000 notes has come down from 0.25 million pieces in 2016-17 to “zero” pieces in the first three month of 2019-20.
The RBI said 0.10 million fake Rs. 1,000 currency notes were detected in 2017-18, falling to a mere 717 in 2018-19. No fake demonetised Rs. 1,000 note has been detected between April and June this year.
However, fake versions of the new high-security Rs. 2,000, Rs. 500, and Rs. 200 currency notes, are being detected with increasing regularity.
The denomination of Rs. 200 was introduced in August 2017. A total of 12,728 counterfeit notes of Rs. 200 denomination were detected in 2018-19, compared with 79 the year of its introduction.
Several forgers have been busted recently, in the cities of Kolkata, Madurai and various other parts of the country.
Sourse: sputniknews.com
