RBI detected 100% increase in fake Rs 500 notes

RBI discovered 101% of more fake notes of Rs. 500 and 54.6 % of more fake notes of Rs. 2000 in year 21-22.

6.9 percent were detected at the Reserve Bank and 93.1 percent at other banks

As per the RBI report, there are 79,669 pieces of fake Rs 500 notes detected in FY-22.

One of the moto of Demonitization was to eliminate the circulation of counterfeit or fake notes.

But the recent RBI report on the spike of fake notes certainly claims the opposite.

to check if your 500 Rs note is fake or real?

This report of RBI on counterfeit currency is giving us one more reason to adopt central bank digital currency (CBDC).

CBDC is the digital form of cash and coins we use for our day to day transactions.

Experts say CBDC could be a way for India to eliminate the circulation of fake currency.

Read More about -How CBDC could reduce circulation of fake notes .