Over 112,000 fake INR 500 notes seized, RBI tells parliamentary panel
This story was originally published at 21:40 IST on 10 July 2025
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NEW DELHI – Reserve Bank of India Governor Sanjay Malhotra told the parliamentary Standing Committee on Finance Thursday that over 112,000 forged notes of INR 500 denomination were detected in the banking system, sources said. The sources did not say if the governor specified the timeframe in which these notes were detected. The governor also told the committee that bank notes of INR 2,000 denomination were not invalidated by the central bank.
According to the RBI's annual report, the number of fake INR 500 bank notes in the system jumped 37.3% on year to 117,722 in the financial year 2024-25 (Apr-Mar). The sources said committee members asked Malhotra about the steps being taken by the central bank to stop the circulation of fake currency in the country, but he did not answer.
The governor spoke to the committee on the RBI's evolving role in India's economy. He briefed the committee, headed by Bharatiya Janata Party parliamentarian Bhartruhari Mahtab, on the current scenario of the economy amid global challenges.
The sources said the RBI governor told the committee that India's economy is resilient and showing positive signs amidst global headwinds. The committee was told India's would continue to be the fastest-growing large economy in FY26, leveraging its sound macroeconomic fundamentals. The sources said Malhotra also briefed the committee on the issue of cryptocurrency.
The Standing Committee on Finance consists of 31 members, with 21 from the Lok Sabha and 10 from the Rajya Sabha. It examines matters related to the finance ministry as well as the Ministry of Corporate Affairs, NITI Aayog, and the Ministry of Statistics and Programme Implementation. The members of the committee include former finance minister P. Chidambaram. End
Reported by Kuldeep Singh
Edited by Rajeev Pai
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