The number of counterfeit Rs 500 notes in India has increased by 300% from FY19 to FY24. In FY22, there was a significant increase of 102% in counterfeit Rs 500 notes compared to the previous year.
Additionally, counterfeit Rs 2,000 notes, which stopped being produced on September 30, 2023, saw a 166% increase in FY24. These numbers raise concerns about the integrity of the currency in circulation and the effectiveness of current anti-counterfeiting measures.