Is your 500 rupee note fake? Every now and then, we hear news of agencies detecting fake currency notes in various parts of the country. With the withdrawal of 2000 rupee notes, the 500 rupee note has become the highest-denomination currency in circulation. The Finance Ministry has shared data related to fake currency notes, including 500 rupee notes.
According to the Finance Ministry report, there has been a 317% increase in fake ₹500 notes in the last five years.
According to the data presented in Parliament, the number of fake 500 banknotes in the financial year 2018-19 was 21,865 million pieces, which increased to 91,110 million pieces in the financial year 2022-23. However, in the financial year 2023-24, it declined by 15% and the number increased to 85,711 million pieces.
2000 counterfeit notes also on the rise
In FY 2021-22, there was the sharpest annual rise in counterfeit 500 banknotes. It more than doubled from 39,453 million pieces in FY 2020-21 to 79,669 million pieces, a 102% increase. Similarly, 2000 rupee counterfeit notes registered a 166% rise in FY 2023-24. The number rose from 9,806 million pieces in FY 2021-23 to 26,035 million pieces.
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30% drop in total counterfeit currency
However, there has been an overall decline of 30% in counterfeit currency of all denominations. In the financial year 2018-19, 3,17,384 fake notes were found, which reduced to 2,22,639 in the financial year 2023-24.
How to identify real and fake 500 rupee notes?
Anyone can become a victim of fake notes. Sometimes it becomes difficult to differentiate between real and fake notes. According to the RBI, the following are the characteristics of a real 500 banknote:
-The official size of the note is 66 mm x 150 mm.
-The denomination “500” will be printed in Devanagari on the note.
-The portrait of Mahatma Gandhi will be in the center.
-‘Bharat’ and ‘INDIA’ will be written in micro letters.
-There will be a color shift security thread, which changes from green to blue when tilted.
-The guarantee clause, promise clause and the governor’s signature will be on the right side of Mahatma Gandhi’s portrait.
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