Four notes out of a million notes are fake: RBI

The number of forged notes detected by the banking system in 2007-2008 was 1,95,811 against 4,422.5 crore notes in circulation,the apex bank said.

RBI also said that some media reports have been erroneously quoting the Nayak Committee findings for estimates of forged currency notes in circulation in India.

However,there is no estimate of forged notes in circulation by any agency,the release added. The Nayak Committee,which was set up in 1988 to go into the dynamics of currency management,estimated the value of notes in circulation in 2000 at Rs 1,69,000 crore.

“The Nayak Committee did not make any study of fake notes and did not give any figure relating to such notes,” the release said.