Four notes out of 10 lakh in circulation are fake: RBI
Mumbai: Out of 10 lakh notes in circulation, only four notes were found to be forged in 2007-08, the Reserve Bank has said.
"... the forged notes detected by the banking system, including the Reserve Bank, in 2007-2008 were four notes in one million notes in circulation," RBI said in a release.
The number of forged notes detected by the banking system
in 2007-2008 was 1,95,811 against 4,422.5 crore notes in
circulation, the apex bank said.
RBI also said that some media reports have been
erroneously quoting the Nayak Committee findings for estimates
of forged currency notes in circulation in India.
However, there is no estimate of forged notes in
circulation by any agency, the release added.
The Nayak Committee, which was set up in 1988 to go into
the dynamics of currency management, estimated the value of
notes in circulation in 2000 at Rs 1,69,000 crore.
"The Nayak Committee did not make any study of fake notes
and did not give any figure relating to such notes," the
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