The amount of fake ₹500 notes increased by 31% in India, states RBI
Image Credit: Shortpedia
According to the Reserve Bank of India's last annual report, the number of counterfeit ₹500 notes in India increased by 31%. The Apex bank found 3.9 % of the total false notes in the system, while the remaining 96.1 % were captured by other banks, including commercial companies, public sector enterprises, and cooperatives. In Kochi, police seized fake currency worth 1.8 crores and fake currency worth 26 lakh in Assam.