Currency counterfeiters appear to have started focusing more on the Rs 100 and Rs 1,000 denominations, even though the traditional favourite Rs 500 bills continue to be the most to be faked by numbers, the Reserve Bank has said.
The banking system detected over 2.52 lakh pieces of counterfeit notes of Rs 500 denomination in FY14 as against the 2.81 lakh the year before, while the number of Rs 1,000 denomination fake notes rose to 1.10 lakh as against the 98,459 in the preceding year, it said.
Detection of Rs 100 denomination fake notes increased by 10,000 pieces during the fiscal to 1.18 lakh pieces, the RBI said in its recently released annual report.
“During 2013-14, the detection of counterfeit notes of Rs 1,000 and Rs 100 increased by 11.8 per cent and 9.8 percent respectively, whereas that of Rs 500 denomination decreased by 10.3 per cent,” the central bank said in its annual report. The data, however, exclude the detection by the state police and various other law enforcement agencies, it said.