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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View all 16 comments Below 16 comments
Nothing to feel too unusual. When the the Govt. itself is engaged in manipulative practices and misleading people on it's own way, that now hit back. Govt. has no control on such activity now as never seriously thought of disciplining such crime. more
Feb 13
I think in India, wrongful activities have increased over the period. Govt is totally unable to handle it properly. Time has come that the Hardcore CRIMINNAL, Economic Offenders must be given CAPITAL punishment only. This will create an element of FEAR among all Criminals. This will also reduce the load on Govt machinery. more
Dec 06
In India we have such cheating and frauds going on and they are always on the rise. Counterfeit, Cyber crimes and frauds, embezzlement, cheating. May be the police are having their hands full. Punishment is not quick and severe. So........... people beware and take care!. more
Dec 05
