RBI detected a 101% rise in fake notes of Rs 500 and a 54.6 % increase in fake notes of Rs. 2000.
RBI’s annual report mentioned,
During 2021-22, out of the total Fake Indian Currency Notes (FICNs) detected in the banking sector, 6.9 percent were detected at the Reserve Bank and 93.1 percent at other banks.
There are 79,669 pieces of fake Rs 500 notes detected in FY-22.
Expert says Central Bank Digital Currency (CBDC) could help us to reduce the circulation of fake notes.
CBDC is a digital form of a country’s cash or coins regulated and issued by central banks. CBDC built on blockchain technology is impossible to replicate.
In India, CBDC is in the development phase and might be introduced in the year 22-23.
RBI proposed to adopt a graded approach to the introduction of CBDC, going step by step through the stages of Proof of Concept 12, pilots, and the launch.
Also Read – RBI’s report on Fake Notes: One more reason to adopt CBDC
CBDC will take some time to be a part of our daily transactions. Till then we can follow the RBI’s guidelines to identify the real notes of Rs. 500.
How to find out if your 500 Rs note is real or fake?
RBI has shared features of Rs 500 note design which can help us to identify if we are carrying real currency or not.
Front Side of the Note –
- Hold the Rs 500 note in front of the light and you will see the 500 written in special places.
- A latent image of the denomination numeral 500 is visible.
- 500 is written in Devanagari (Hindi) script on the note.
- Mahatma Gandhi’s photo is on right in the center.
- India and Bharat (in Hindi) are written in micro letters just next to Mahatma Gandhi’s image.
- Bent the Rs 500 note, and you will see the color of the security thread change from green to indigo.
- Governor’s signature, guarantee clause, promise clause, and RBI emblem (logo) have moved to the right side.
- Bent the note in the light and you will see Mahatma Gandhi’s photo and electrotype (500) watermark are visible on the note.
- Numbers on the top left side and bottom right side increase from left to right.
- 500 written on the bottom right of the note changes color from green to blue.
- Ashoka Pillar on the right side of the note.
- 500 written in the black circle just above the Ashok Pillar. Certain features added for the visually impaired – Intaglio or Raised printing is used to print emblem of Ashoka Pillar, Mahatma Gandhi’s picture, 500 written in the black circle.
- Intaglio or Raised printing is also used to print 5 angular bleed lines on both the left and right sides for the visually impaired.
Back side of the Note –
- The printing year of the note is showcased on the left side.
- Swachh Bharat’s logo the slogan can be seen at the left bottom of the note.
- The language panel is located towards the center.
- Red fort image with the Indian flag has been displayed on the note.
- 500 written in Devanagri on the top right corner of the note.
This is how you can check whether you are holding a real or fake Rs 500 note in your pocket.
Read RBI’s complete report on the spike of fake notes.
Read More –
Explained with Example: How CBDC is different from UPI & Online Payment Gateways?
Central Bank Digital Currency: Which Countries Have Adopted CBDC?