A portrait of Mahatma Gandhi is prominently displayed in the center of the original note.
The circulation of fake Rs 500 notes has increased significantly, raising concern among citizens. According to the report of the Ministry of Finance, there has been a 317 percent increase in fake 500 rupee notes in the last five years. Data presented in Parliament revealed that counterfeit Rs 500 notes have increased from 21,865 million pieces in FY 2018-19 to 91,110 million pieces in FY 2022-23. A decline of 15 percent was recorded in FY 2023-24, bringing the number to 85,711 million pieces.
The highest annual increase was in FY 2021-22, where fake Rs. 500 notes doubled to 79,669 million pieces from 39,453 million pieces in FY 2020-21 – an increase of 102 percent. Similarly, in FY 2023-24 Rs. There has been a 166 percent increase in counterfeit 2000 notes, from 9,806 million pieces to 26,035 million pieces in FY 2021-23.
Despite these spikes, the government reports a 30 percent overall reduction in counterfeit currency across all denominations. The number of fake notes has come down from 3,17,384 in FY 2018-19 to 2,22,639 in FY 2023-24.
Identification of fake 500 rupee notes
Counterfeit notes may be difficult to detect, but the Reserve Bank of India (RBI) has announced that genuine Rs. 500 notes outline key features to help identify them:
– Size:
The size of the original note is 66 mm x 150 mm.
– Sect:
‘500’ is printed in Devanagari script.
– Portrait:
A portrait of Mahatma Gandhi is prominently displayed in the centre.
– Subtle characters:
The words India and India are written in small letters.
– Security thread:
Color-shifting security thread changes from green to blue when tilted.
– Watermark:
Gandhi’s portrait watermark and electrotype ‘500’ are visible when held up to light.
– Color Changing Ink:
At the bottom right is Rs. 500 symbols change from green to blue when tilted.
– Ashoka Pillar:
The symbol of Ashoka pillar is present on the right side.
Swachh Bharat Logo:
Swachh Bharat logo and slogan is printed on the note.
It is important to be vigilant and check the notes carefully. Citizens can report suspicious notes to authorities to help fight counterfeit currency circulation.