The RBI has reported a staggering 300% increase in counterfeit Rs 500 notes from FY19 to FY24, with FY22 experiencing the most significant annual rise, doubling from 39,453 million to 79,669 million pieces. Additionally, counterfeit Rs 2,000 notes, which ceased production on September 30, 2023, surged by 166% in FY24, escalating from 9,806 million to 26,035 million pieces.