Detection Of Counterfeit Currency: What Finance Minister Said

Responding to Rajya Sabha leader B Parthasaradhi Reddy, the Minister detailed RBI's anti counterfeiting measures and its coordination with the Ministry of Home Affairs (MHA) and Intelligence Bureau.

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Detection Of Counterfeit Currency: What Finance Minister Said

Detection Of Counterfeit Currency: What Finance Minister Said

New Delhi: Citing RBI’s annual report, Finance Minister Nirmala Sitharaman on Tuesday (July 28) stated that a total of 2,17,396 denomination-wise counterfeit notes detected or reported in 2024-25.

Responding to Rajya Sabha leader B Parthasaradhi Reddy, the Minister detailed RBI’s anti counterfeiting measures and its coordination with the Ministry of Home Affairs (MHA) and Intelligence Bureau.

According to RBI data, a total number of pieces of denomination-wise counterfeit notes detected or reported in the Banking System (April-March) in the past three years are 2,25,769 in 2022-23, 2,22,639 in 2023-24, and 2,17,396 in 2024-25.

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The data shows that the number of counterfeit currency notes of Rs. 500 denomination surged over 37 percent annually to 1.18 lakh pieces during the financial year 2024-25 in the banking system.

Source: Rajya Sabha document

“Government of India, in consultation with Reserve Bank of India reviews the effectiveness of security features of banknotes from time to time and undertakes measures to introduce new security features in accordance with section 25 of the Reserve Bank of India Act, 1934. Incorporating new security features/new designs in the banknotes to stay ahead of the counterfeiters is a continuous process,” the Minister said in the parliament.

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The Minister also detailed the coordination efforts between the RBI, MHA, and IB to prevent counterfeit currency. These efforts include meetings of the FICN Coordination Group (FCORD), Data Sharing with the Central Economic Intelligence Bureau (CEIB), Reporting to the Financial Intelligence Unit – India (FIU-IND) and the National Crime Records Bureau (NCRB), and Submissions to the MHA under the UAPA.