Fake ₹500 Notes Surge by 317% in 5 Years: Finance Ministry
The Finance Ministry has revealed a significant surge in the circulation of fake ₹500 notes, with a staggering 317% increase over the last five years.
The alarming data highlights growing challenges in curbing counterfeit currency in India, despite ongoing measures by the government and Reserve Bank of India (RBI).
Counterfeit ₹500 Notes on the Rise
In a written reply to Parliament, the Finance Ministry disclosed that the detection of fake ₹500 notes has increased from 30,054 in 2018-19 to over 125,000 in 2022-23. This sharp rise raises concerns about the effectiveness of current anti-counterfeiting measures and the security features of India’s most circulated denomination.
Efforts to Counter the Issue
The Ministry emphasized that steps are being taken to combat the counterfeit menace, including technological advancements in currency printing and enhanced surveillance by law enforcement agencies. “The government is committed to maintaining the integrity of the currency and has introduced sophisticated features to make duplication increasingly difficult,” the Ministry stated.
Challenges Ahead
Experts suggest that while the measures in place have reduced counterfeiting of smaller denominations, ₹500 notes continue to be targeted due to their widespread use and higher value. Law enforcement agencies have been urged to intensify crackdowns on fake currency networks and enhance public awareness about identifying counterfeit notes.
The rise in fake currency poses economic risks and undermines public trust in the cash economy. The government has reiterated its commitment to tackling this issue with stricter enforcement and innovation in currency design.
