1.12 lakh fake ₹500 notes found in 2024-25: RBI governor

RBI Governor Sanjay Malhotra, in his deposition before a parliamentary committee, stated that 1.12 lakh fake ₹500 notes were found in 2024-25, on Friday, according to reports.

The annual report reportedly noted that counterfeit ₹500 currency notes had actually risen by over 37% year-on-year.

The Governor also reportedly mentioned that although the ₹2000 note has been withdrawn from circulation, it has not been invalidated and remains legal tender.

Despite this, the overall number of fake notes detected in FY25 decreased compared to the previous fiscal year. In FY25, a total of 2.18 lakh fake notes were detected, as against 2.23 lakh in the previous year.

Of the total fake notes detected, 95.3% (2.07 lakh pieces) were found at banks, while the rest were detected at the RBI.

In 2024, the Ahmedabad Special Operations Group (SOG) uncovered a significant counterfeit currency racket. The months-long investigation led to the recovery of 9,837 fake currency notes of various denominations during 2024.

These notes, detected primarily when unsuspecting individuals attempted to deposit them in banks, amounted to a total of ₹43.11 lakh.