Fake Currency Detection Of Rs. 500 And Rs. 2000 Is On The Rise: SBI Report Business oi-Roshni Agarwal

After the RBI came up with its annual report on Wednesday, it has been revealed that there has been seen a noticeable increase in counterfeit currency even after the Central Bank previously claimed that the rupee notes introduced post-demonetisation are more secure and safe.

In a report, SBI's in-house economist said, "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".

So, this straightly points out to the discovery of more counterfeit currency in the Indian sub-continent in the near future. Further data in the annual report, pointed that there is a significant increase to the tune of 4,178 percent and 2710 per cent in case of fake currency detection of Rs. 500 and Rs. 2,000 notes, respectively.

Hence, it raises an alarm for the public in general, bankers and banker to the banks so as to be alert when making any transaction in such currency.

Also, it is to be noted that demonetisation has also helped in curbing fake currency to a large extent by as much as 31.4% to 5.23 lakh pieces in financial year 2017-18. Also, the disruption caused due to demonetisation aided in the broadening of the tax base with expected estimates of Rs. 30,000 crore to be realized as revenue by the government.

The move is also expected to increase return filing process by taxpayers by as much as 30% with 2 crore new filers this year.

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