Counterfeit notes of Rs 500 denomination surge by 37.3% in 2024-25

The RBI also reported a 13.9 per cent rise in detection of the number of counterfeit Rs 200 notes in 2024-25. Total number of counterfeit Rs 200 denomination notes detected in 2024-25 stood at 32,660 worth Rs 65.32 lakh, compared to 28,672 fake notes valued at Rs 57.34 lakh.

During 2024-25, the counterfeit notes detected in the denominations of Rs 10, Rs 20, Rs 50 and Rs 100 at 32.3 per cent, 14 per cent, 21.8 per cent and 23 per cent. The biggest decline was seen in the number of counterfeit Rs 2,000 notes, which dropped by 86.52 per cent to 3,508 notes in 2024-25, compared to 26,035 pieces in 2023-24.

The total number of counterfeit notes detected by the RBI and banks stood at 2.17 lakh in April 2024-March 2025, lower than 2.22 lakh in 2023-24. Out of the total Fake Indian Currency Notes (FICNs) detected in the banking sector, 4.7 per cent were detected at the Reserve Bank and 95.3 per cent at banks, the annual report showed.

Meanwhile, the RBI said that the value and volume of banknotes in circulation increased by 6 per cent and 5.6 per cent, respectively, during 2024-25.

In 2024-25, the share of Rs 500 banknotes at 86 per cent, declined marginally in value terms. In volume terms, Rs 500 denomination at 40.9 per cent, constituted the highest share of the total banknotes in circulation, followed by Rs 10 denomination banknotes at 16.4 per cent.

The lower denomination banknotes – Rs 10, Rs 20 and Rs 50, together constituted 31.7 per cent of total banknotes in circulation by volume.