The counterfeit notes detected in the denominations of Rs 10, Rs 100 and Rs 2000 declined by 11.6 per cent, 14.7 per cent and 27.9 per cent, respectively, it said.
The Reserve Bank has reported a 14.4 per cent increase in the number of counterfeit Rs 500 notes (new design) during the year 2022-23.
The RBI and banks detected 91,110 counterfeit Rs 500 notes valued at Rs 4.55 crore during the year as against 79,669 counterfeit notes valued at Rs 3.98 crore, according to the Annual Report of the RBI.
During 2022-23, out of the total fake Indian currency notes (FICNs) detected in the banking sector, 4.6 per cent were detected at the Reserve Bank and 95.4 per cent at other banks. Compared to the previous year, there was an increase of 8.4 per cent and 14.4 per cent in the counterfeit notes detected in the denominations of Rs 20 and Rs 500 (new design), respectively.
The counterfeit notes detected in the denominations of Rs 10, Rs 100 and Rs 2000 declined by 11.6 per cent, 14.7 per cent and 27.9 per cent, respectively, it said.
Meanwhile, the RBI said the value and volume of banknotes in circulation increased by 7.8 per cent and 4.4 per cent, respectively, during 2022-23 as compared with 9.9 per cent and 5.0 per cent, respectively, during 2021-22. In value terms, the share of Rs 500 and Rs 2000 banknotes together accounted for 87.9 per cent of the total value of banknotes in circulation as on March 31, 2023, as compared to 87.1 per cent as on March 31, 2022.
In volume terms, Rs 500 denomination constituted the highest share at 37.9 per cent, followed by Rs 10 denomination banknotes which constituted 19.2 per cent of the total banknotes in circulation as on March 31, 2023.
Cashless coin dispenser on the way
To further improve distribution of coins by harnessing technology, the Reserve Bank has launched a pilot project on QCVM (QR code based vending machine) in collaboration with five banks (Axis Bank, Bank of Baroda, ICICI Bank, State Bank of India and Federal Bank).
The QCVM is a cashless coin dispensation system which allows payment transactions through UPI on scanning a dynamic QR code generated by the machine on the mobile phone of the customer. Unlike cash-based traditional coin vending machines, the QCVM eliminates the need for physical tendering of banknotes and their subsequent authentication. Further, in QCVMs, the customers will have the option to withdraw coins in required quantity and denominations. The pilot project is being initially rolled out at 19 locations in 12 cities across the country.
