Counterfeit Notes in India: A Big Problem
Fake currency is becoming a huge issue in India, especially fake ₹500 and ₹2,000 notes. Over the last five years, counterfeit money has increased at an alarming rate, and everyone needs to stay alert.
Shocking Rise in Fake ₹500 Notes
The number of fake ₹500 notes has gone up by 317% in five years. In FY19, there were 21.87 million pieces (mpcs) of fake ₹500 notes. By FY23, this number had jumped to 91.11 mpcs. Even though it dropped slightly to 85.7 mpcs in FY24, the numbers are still very high.
The biggest increase was in FY22, when the number of fake ₹500 notes doubled in just one year, going from 39.45 mpcs in FY21 to 79.67 mpcs.
Fake ₹2,000 Notes Are Also a Concern
Fake ₹2,000 notes are also increasing fast. In FY24, they rose by 166%, from 9.81 mpcs in FY23 to 26.04 mpcs. Since ₹2,000 is a high-value note, this creates a bigger problem for the economy and people.
Some Good News: Fake Notes in Other Denominations Are Decreasing
While fake ₹500 and ₹2,000 notes are rising, the total number of fake notes (all denominations combined) has gone down by 30% in five years. In FY19, it was 317.38 mpcs, and by FY24, it dropped to 222.64 mpcs. But this doesn’t reduce the danger of counterfeit high-value notes.
Why Should You Care?
Fake notes hurt everyone. If you unknowingly get a fake note, you lose your money. Businesses lose trust and face problems when fake notes are in circulation.
This is not just happening in small towns; big cities and markets are also affected.
How to Stay Safe from Fake Notes
- Check Your Notes: Look for security features like watermarks, microtext, and color-changing ink on your money.
- Use Digital Payments: Online payments are safer and reduce the risk of fake currency.
- Report Fake Notes: If you find a fake note, don’t pass it to someone else. Report it to the authorities to help stop the spread.
Share Your Fraud Story
Counterfeit notes are a growing fraud in India. If you or someone you know has faced this issue, share your story on My Fraud Story. Together, we can help others stay aware and protect themselves from losing money.