The value of the counterfeit currency in the banking system reduced from ₹43.47 crore in 2016-17 to about ₹8.26 crore in 2021-22, amounting to a sharp decline of more than 80%, according to a Finance Ministry reply in the Lok Sabha on Monday.
In response to Member Sanjeev Kumar Singari’s query, Minister of State in the Finance Ministry Pankaj Chaudhary said: “The number of counterfeit banknotes has come down from 7.62 lakh pieces in 2016-17 to 2.09 lakh pieces in 2020-21 post-decision of the Government of India to cancel the legal tender status of ₹1,000 and ₹500 denomination currency notes on November 8, 2016. The decision of demonetisation had several objectives including curbing of circulation of Fake Indian Currency Notes (FICN).”
As per the National Crime Records Bureau (NCRB) data, the value of fake currency seized by various enforcement agencies in 2017 was ₹28 crore. However, it shot up to ₹92.18 crore in 2020.
