The Reserve Bank of India has notified Indian masses that though the problem is pervading the system, it is not a grave. The authority clarified that no agency has recently made a clear estimate of counterfeit currency notes in circulation in the system. In 1988, the Nayak Committee was asked to look into the dynamics of currency management. The committee estimated the value of genuine notes in circulation at Rs 1,69,000 crore in the year 2000. The regulator gave figures spelling genuine, counterfeit, and total currency notes in circulation. | Year | 2000-01 | 2001-02 | 2002-03 | 2003-04 | 2004-05 | 2005-06 | 2006-07 | 2007-08 | | Num of Fake currency | 102687 | 124515 | 211754 | 205226 | 181928 | 123917 | 104743 | 195811 | In 2007-08, there were 44.22 billion notes in circulation, of which 1.96 lakh notes were estimated to be fake. The number of forged notes detected in the system to total notes in circulation in India has varied between three to six notes per million since 2000-01 to 2007-09. The highest number of forged currency notes detected per million notes in circulation was recorded for year 2002-03. |
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