Fake Banknotes in India in 2011 – 2012

The Reserve Bank of India reported that up to 69.38 billion counterfeit banknotes were estimated to have been in circulation during 2011-2012.

27.84 billion of the fake currency were 100 Indian Rupees and higher.

Financial regulators in India detected 521,000 counterfeit notes during the time period.

It is estimated that up to $2.2 Trillion worth of rupees could be fake in India’s financial system.

(Counterfeit money statistics.)

Source:  “RBI to compensate banks 25 per cent of losses for reporting fake notes,” Economic Times, June 30, 2013.