There are less Rs 2,000 fake notes in circulation than the Rs 500 notes, the latest RBI data shows.

The number of fake Rs 500 denomination notes detected has increased by 14.4% to 91,110 pieces in FY23 compared to the year-ago period, according to the Reserve Bank of India's annual report released on Tuesday. 

However, the number of fake Rs 2,000 denomination notes detected decreased to Rs 9,806 pieces in FY23.

“Compared to the previous year, there was an increase of 8.4% and 14.4% 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, Rs100, and Rs 2000 declined by 11.6%," the RBI report said.

The total number of Fake Indian Currency Notes (FICNs) detected in the banking sector declined to 2,25,769 pieces in 2022-23 from 2,30,971 pieces a year ago.

“During 2022-23, out of the total FICNs detected in the banking sector, 4.6% were detected at the Reserve Bank and 95.4% at other banks," the report said.

The counterfeit notes of the demonetised Rs 1,000 denomination rose 44 times to 482 from a mere eleven a year ago.

While falling in 2020-21, counterfeit notes recorded a 10.7% increase in 2021-22, with the Rs 500 denomination fake notes rising by 102%.

The total expenditure incurred on security printing during 2022-23 was Rs 4,682.80 crore versus Rs 4,984.80 crore a year, the report said.