Latest news with #IndianCurrencyNotes
Hindustan Times
31-07-2025
- Hindustan Times
Fake currency syndicate: NIA court sentences man to five years rigorous imprisonment
New Delhi, A special NIA court in Mumbai on Thursday sentenced a man to five years rigorous imprisonment for his involvement in smuggling of fake Indian currency notes, officials said. Fake currency syndicate: NIA court sentences man to five years rigorous imprisonment Jasim alias Wasim Salim Shaikh, who was arrested following the recovery of Fake Indian Currency Notes of face value of ₹82,000 in denomination of ₹500, was sentenced to five years, seven months and 10 days of rigorous imprisonment after he pleaded guilty in the case, they said. The NIA special court has also imposed a fine of ₹10,000 against Jasim, who has been convicted and sentenced under various sections of the Indian Penal Code , an official statement said. A total of three accused were arrested in the case and one of them, Ishak Khan, was convicted and sentenced to five year rigorous imprisonment with ₹10,000 fine earlier in May this year, it said. The trial against the third, identified as Radhakrishna Addappa, is continuing, said the statement issued by the National Investigation Agency . Jasim was arrested by Mumbra Police after conducting a house search based on intelligence inputs shared by the NIA. The investigations revealed that he had taken the FICN delivery from Karnataka-based Addappa from outside a KSRTC bus stand in Taluk Gauribidnur, Chikkaballapura district in the state, the statement said. Mumbra Police had chargesheet both Jasim and Addappa in August 2019. The NIA, after taking over the probe, found that the third accused, Ishak Khan, who was then lodged in Kolkata Jail in another crime, had coordinated the FICN delivery to Jasim, it said. The probe agency then arrested Ishak in the present case. Various documentary and digital evidences were also recovered during the investigation. "Based on the evidence, the NIA had filed a supplementary charge sheet against all three accused in January 2020," the statement said. This article was generated from an automated news agency feed without modifications to text.
Time of India
13-06-2025
- Business
- Time of India
Rs 2,000 denomination fake currency notes dip, but Rs 500 counterfeit notes spike in FY25
Chennai: Dip in Rs 2,000 denomination counterfeit notes contributed to the reduction in the value of fake banknotes detected by banks and Reserve Bank, but there was a rise in Rs 500 Fake Indian Currency Notes (FICN) during FY25, RBI data showed. Banknotes of Rs 2,000 denomination were withdrawn from circulation in May 2023, though it continues to be legal tender. The counterfeit notes detected in the denominations of Rs 10, Rs 20, Rs 50, Rs 100 and Rs 2,000 declined in 2024-25, while those in Rs 200 and Rs 500 denominations increased by 13.9% and 37.3%, respectively, when compared with the previous year (FY24). A total number of 2,17,396 FICNs was detected by banks and Reserve Bank in FY25, recording a marginal drop by 2.3% in FY24 at 2,22,639 FICNs. However, it does not include counterfeit notes seized by the police and other enforcement agencies, India's central bank said in its annual report for 2024-25. According to data, Rs 500 FICNs increased from 85,722 in FY24 to 1,17,727 in FY25. Its value rose from around Rs 4.3 crore to Rs 5.9 crore, respectively. Subsequently, the number of Rs 2,000 denomination counterfeit notes plunged by 86.5% YoY at 3,508 in FY25 from 26,035 in FY24. Its value decreased to Rs 70 lakh in FY25 from Rs 5.2 crore in FY24. Further, 32,660 numbers of Rs 200 FICNs and 51,069 in the Rs 100 denomination were detected in the last fiscal (FY25). Out of the total FICNs detected in the banking sector in 2024-25, 95.3% was detected by banks and the rest 4.7% was detected at the Reserve Bank. The report said, a Currency Research and Development Centre (CRDC) has been set up under the administrative control of Bharatiya Reserve Bank Note Mudran (BRBNMPL) for conducting advanced testing of security features of Indian banknotes, counterfeit deterrence tests, forensic/scientific analysis of forged notes, ethical counterfeiting of notes by using latest available tools and technologies and for the development of security/design features for Indian banknotes. Former president of Bank Employees Federation of India C J Nandakumar said, the rise in Rs 500 FICNs indicates the circulation of counterfeit notes. 'Criminals have become sophisticated in designing fake notes with features that even escape from being identified by sorting machines. Apart from issuing guidelines, the regulator must also initiate more stringent actions and supervise to end the menace of FICNs,' he added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Indian Express
29-05-2025
- Business
- Indian Express
Counterfeit notes of Rs 500 denomination surge by 37.3% in 2024-25
The Reserve Bank of India on Thursday said that the number of counterfeit Rs 500 denomination notes detected in the banking system surged by 37.3 per cent in the year 2024-25. The RBI and banks detected 1.18 lakh of fake Rs 500 notes (new design) worth Rs 5.88 crore during 2024-25, as against 85,711 counterfeit notes valued at Rs 4.28 crore detected in 2023-24, according to the RBI's annual report for 2024-25. The RBI also reported a 13.9 per cent rise in detection of the number of counterfeit Rs 200 notes in 2024-25. Total number of counterfeit Rs 200 denomination notes detected in 2024-25 stood at 32,660 worth Rs 65.32 lakh, compared to 28,672 fake notes valued at Rs 57.34 lakh. During 2024-25, the counterfeit notes detected in the denominations of Rs 10, Rs 20, Rs 50 and Rs 100 at 32.3 per cent, 14 per cent, 21.8 per cent and 23 per cent. The biggest decline was seen in the number of counterfeit Rs 2,000 notes, which dropped by 86.52 per cent to 3,508 notes in 2024-25, compared to 26,035 pieces in 2023-24. The total number of counterfeit notes detected by the RBI and banks stood at 2.17 lakh in April 2024-March 2025, lower than 2.22 lakh in 2023-24. Out of the total Fake Indian Currency Notes (FICNs) detected in the banking sector, 4.7 per cent were detected at the Reserve Bank and 95.3 per cent at banks, the annual report showed. Meanwhile, the RBI said that the value and volume of banknotes in circulation increased by 6 per cent and 5.6 per cent, respectively, during 2024-25. In 2024-25, the share of Rs 500 banknotes at 86 per cent, declined marginally in value terms. In volume terms, Rs 500 denomination at 40.9 per cent, constituted the highest share of the total banknotes in circulation, followed by Rs 10 denomination banknotes at 16.4 per cent. The lower denomination banknotes – Rs 10, Rs 20 and Rs 50, together constituted 31.7 per cent of total banknotes in circulation by volume.
Time of India
29-05-2025
- Business
- Time of India
RBI reveals why currency printing expenditure rose sharply last year
The financial outlay for security printing surged by almost 25 per cent in the fiscal year 2024-25, reaching Rs 6,372.8 crore, compared to Rs 5,101.4 crore the previous year. This increase was primarily driven by a heightened demand for banknote printing, as detailed in the Reserve Bank of India 's ( RBI ) annual report released on May 29. During the same period, both the value and number of banknotes in circulation saw an uptick of 6 per cent and 5.6 per cent, respectively. According to the RBI's report for 2024-25, the proportion of Rs 500 banknotes, which accounted for 86 per cent, experienced a slight decline in value terms. In terms of volume, Rs 500 banknotes represented the largest segment at 40.9 per cent of total banknotes in circulation, followed by Rs 10 banknotes at 16.4 per cent. Collectively, the lower denomination banknotes (Rs 10, Rs 20, and Rs 50) made up 31.7 per cent of the total banknotes circulated by volume. The process of withdrawing Rs 2000 banknotes from circulation, which began in May 2023, persisted throughout the year, with approximately 98.2 per cent of the Rs 3.56 lakh crore in circulation at the time of the announcement having returned to the banking system by March 31, 2025. The report also highlighted that the value and volume of coins in circulation rose by 9.6 per cent and 3.6 per cent, respectively, during the fiscal year. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Has Honda Done It Again? The New Honda CR-V is Finally Here. TheFactualist Undo Additionally, the e-rupee's value in circulation experienced a remarkable increase of 334 per cent in 2024-25. Currency in circulation encompasses banknotes, central bank digital currency (CBDC), and coins. Currently, the banknotes in circulation include denominations of Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500, and Rs 2000. However, the Reserve Bank has ceased printing Rs 2, Rs 5, and Rs 2000 denominations. The coin denominations in circulation consist of 50 paise, Re 1, Rs 2, Rs 5, Rs 10, and Rs 20. Concerning counterfeit currency, the report indicated that in the year 2024-25, 4.7 per cent of the total Fake Indian Currency Notes (FICNs) identified in the banking sector were detected by the Reserve Bank. Notably, the detection of counterfeit notes in denominations of Rs 10, Rs 20, Rs 50, Rs 100, and Rs 2000 decreased during the fiscal year, whereas the counterfeit notes in Rs 200 and Rs 500 denominations saw increases of 13.9 per cent and 37.3 per cent, respectively, compared to the previous year. Live Events The RBI said that it is actively advancing the implementation of new and upgraded security features for banknotes. It has also been committed to promoting the indigenization of banknote production to lessen reliance on foreign suppliers. "Through ongoing efforts, all primary raw materials required for banknote production, including banknote paper, various inks (offset, numbering, intaglio, and color-shifting intaglio ink), and other security features, are now being sourced domestically," the report noted. Looking ahead, the RBI emphasised that maintaining self-sufficiency in banknote production, as well as conducting analytical and developmental research on currency, will be crucial for enhancing the durability and integrity of banknotes. Understanding the trends in public preference for cash versus alternative payment methods will also remain a significant area of focus, it said.
