Brace for more fake note discoveries, says SBI report

Representational Image

Despite RBI claims that the newly introduced bills are more secure, currency counterfeiters seem to have found a way around it and we should brace for more fake note discoveries, an SBI report said on Wednesday.

"The promise of RBI that new currency notes of Rs 200 and Rs 500 (post demonetisation) are more secure and less prone to counterfeit is not entirely correct," SBI's house economists said in a report released after the RBI came out with its annual report. It said there was a "noticeable increase" in counterfeit notes detected in the denomination of new Rs 500 (up by 4,178%) and Rs 2,000 (by 2,710%), as per the data shared in the annual report.

'DeMo helped curb black money flows'
The government said demonetisation has achieved the objectives "quite substantially" as it helped curb black money flows, even as the RBI data showed that 99.3 per cent of junked notes came back to the banking system. Economic Affairs Secretary Subhash Chandra Garg said demonetisation was able to curb terrorist financing and promote digital payments.

Catch up on all the latest Mumbai news, crime news, current affairs, and also a complete guide on Mumbai from food to things to do and events across the city here. Also download the new mid-day Android and iOS apps to get latest updates

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever