Cash You Are Holding Could Be Fake, Says RBI Report | Read For More Details

New Delhi: Even as India is moving towards the growing trend of cashless payments, the Rs 100 note remains the most preferred for cash transactions. According to the report of the Reserve Bank of India (RBI), Rs 2,000 notes are less preferred for transactions while Rs 500 rupees note is being used the most.Also Read – Breaking News Highlights: Union Minister Anurag Thakur Launches Takshashila Sports City in Pune

The survey, conducted in rural, semi-urban, urban, and metropolitan areas of 28 states and three Union Territories has revealed that only 3% of people in the country are unable to identify the genuine and counterfeit notes. That means, that 97% of people are aware of Mahatma Gandhi’s picture, watermark, or security thread. Also Read – RBI to Adopt Graded Approach to Launch Digital Currency in India. Check Detailed Plan Here

5 Rupee Coin Is Most Used

Talking about coins, Rs 5 coin is the most used for cash transactions. At the same time, people do not prefer the Re 1 coin. Also Read – ‘Recovery Is Underway In Spite Of Headwinds’, RBI Says In Annual Report 2021-22

Low Income A Big Reason

One of the reasons for the more prevalent use of the Rs 100 note is the low income of the people, said Ayyala Shri Hari Naidu, Economist at the National Institute of Public Finance and Policy while talking to the Times of India. Ayyala Shri Hari Naidu said that 90% of the people in our country have low income, due to which they usually buy goods ranging from Rs 100 to Rs 300, and in such cases, people prefer to give cash instead of digital transactions.

Increased Cash In The Country

According to the report, the amount of cash has increased by 5% during 2021-22. The highest share of 34.9% was of Rs 500. Gaurishankar S Hiremath, associate professor of economics at IIT Kharagpur, said there were reports of people hoarding funds for emergencies during the corona pandemic. Due to this the number of notes has increased.

Significant Increase In Number Of Fake Notes

According to the RBI, the number of counterfeit notes has increased significantly in the financial year 2021-22. According to RBI, fake Rs 500 notes have doubled in a year. Compared to last year, the central bank has detected 101.9% more notes of Rs 500 and 54.16% more notes of Rs 2,000 which is a reason of concern for the government.

The RBI said that 87.1% of the Rs 500 and Rs 2000 notes deposited in the banks till 31 March 2022 were fake notes. The figure stood at 85.7% as of 31 March 2021. The bank said that this was 21.3% of the total notes in circulation as of March 31, 2022.

Rs 50 and Rs 100 Fake Notes Reduced

If we talk about other notes, compared to the previous year, fake Rs 10 notes have increased by 16.4% and Rs 20 rupees notes by 16.5%. Apart from this, an increase of 11.7% has been registered in the fake notes of 200 rupees. The good thing is that looking at the figures of last year, in this financial year, fake notes of Rs 50 have decreased by 28.7% and fake notes of Rs 100 have decreased by 16.7%.