RBI report; How to detect wrong notes

The Reserve Bank of India (RBI) annual report on Saturday showed that there was a 31.3% increase in counterfeit banknotes detected in the denomination of new Rs 500 banknotes compared to the previous year. The RBI report further stated that “in 2020-2021, of the total counterfeit Indian currency notes (FICNs) detected in the banking sector, 3.9% were detected at the Reserve Bank and 96, 1% by other banks “. The government had introduced new Mahatma Gandhi series of demonization banknotes of Rs 500 to replace the old ones in November 2016.

Total security printing spending from July 1, 2020 to March 31, 2021 was lower than the previous year (July 2019 to June 2020).

“The total expenditure incurred for security printing from July 1, 2020 to March 31, 2021 was 4,012.1 crore compared to 4,377.8 crore the previous year (July 2019 to June 2020),” the RBI report said. .

The central bank, however, mentioned that counterfeit banknotes worth 500 rupees were found to gain change.

Here is how to detect counterfeit 500 rupees notes:

The new Rs 500 banknote is different from the previous article in terms of color, size, theme, location of security features and design elements. The size of the new banknote is 63mm x 150mm. The color of the note is stone gray and the new main theme is Indian Heritage Site – Red Fort. There are several ways to determine whether a note is real or not:

  • The number ‘500’ at the bottom left of the obverse of the banknote is transparent.

  • The underlying image of the number “500” with the denomination is visible.

  • The denomination number ‘500’ is written vertically in Devanagri.

  • The location and relative position of Mahatma Gandhi on the note are changed. It is placed in the middle of the note.

  • On the right side of Mahatma Gandhi portrait, the guarantee clause, the governor’s signature with the promise clause and the RBI symbol is present.

  • Mahatma Gandhi’s portrait appears in the watermark section.

  • At the top left and bottom right of the note number panel, the numbers appear smaller and larger (in ascending font).

  • At the bottom right, the denomination in numbers with the rupee symbol “₹ 500” appears in a color changing ink (from green to blue).

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