Counterfeit Currency of 500 rampant
Data presented in Parliament reveals a staggering surge in counterfeit ₹500 and ₹2000 notes across the country:
▪️Counterfeit ₹500 (Mahatma Gandhi New Series) notes detected in the banking system skyrocketed from 21,865 million pieces in 2018-19 to 85,711 million pieces in 2023-24.
▪️This marks an approximate 300% increase over five years.
▪️FY22 witnessed the sharpest annual spike in counterfeit ₹500 notes, doubling from 39,453 million pieces in FY21 to 79,669 million pieces—a 102% surge in a single year.
▪️Counterfeit ₹2000 notes also saw an alarming 166% rise in FY24, leaping from 9,806 million pieces in FY23 to 26,035 million pieces.
▪️This data underscores the colossal failure of demonetisation, a policy touted as a decisive move to curb counterfeit currency and black money.
▪️Over the past eight years, repeated analyses have labeled demonetisation a monumental misstep, with far-reaching consequences.
The government's own figures expose how this ill-conceived policy has backfired, devastating not only the economy but also the livelihoods of countless small and medium businesses! more
▪️Counterfeit ₹500 (Mahatma Gandhi New Series) notes detected in the banking system skyrocketed from 21,865 million pieces in 2018-19 to 85,711 million pieces in 2023-24.
▪️This marks an approximate 300% increase over five years.
▪️FY22 witnessed the sharpest annual spike in counterfeit ₹500 notes, doubling from 39,453 million pieces in FY21 to 79,669 million pieces—a 102% surge in a single year.
▪️Counterfeit ₹2000 notes also saw an alarming 166% rise in FY24, leaping from 9,806 million pieces in FY23 to 26,035 million pieces.
▪️This data underscores the colossal failure of demonetisation, a policy touted as a decisive move to curb counterfeit currency and black money.
▪️Over the past eight years, repeated analyses have labeled demonetisation a monumental misstep, with far-reaching consequences.
The government's own figures expose how this ill-conceived policy has backfired, devastating not only the economy but also the livelihoods of countless small and medium businesses! more
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In addition to Mr Thom Babu's suggestions, I would like to add that while collecting back500/-notes those should be credited to the bank account and not exchange accross the bank counter. more
4 h ago
The rise in Rs 500 Notes is alarmimg. Whay acttion gas been taken to minimise the occrance. Again what is the source of the counterfeit notes ? From within India and from outside of India? more
5 h ago
It was a stupid idea to introduce 2000Rs notes. It made it easier to transact black money as the bundle of notes will be smaller. It is easy to transport. The 2000 note counterfeit notes may die by itself as no one accepts those in retail. Of course the government will take credit for this in due course. Demonitisation has done nothing except causing misery and death. The government has no desire to catch big thieves who has money and power. Most Real Estate dealings are suspect.Black money in Real Estate is a known fact. This based on news reports. Back money is converted to jewelry and Land purchases. Government is trying to end this by legislation without enforcement. more
8 h ago
Govt must think of introducing High security 400 & 600 Notes Subsequently with draw 500 . While limiting / system monitering the new Notes in Circulation including Encouraging Digital Payment system . These THREE STEPS simultaniously in action No Doubt Great Success in identifying Counterfeit Notes .Nothing secret more
9 h ago
