There have been counterfeit 500 rupee notes circulating in the market recently. A report from the Finance Ministry shows a 317 percent rise in fake 500 rupee notes in the last five years. Information shared in Parliament shows that the quantity of counterfeit 500 rupee notes rose from 21,865 million pieces (mpcs) in the fiscal year 2018-19 to 91,110 million pieces in the fiscal year 2022-23.
Yet, during the fiscal year 2023-24, there was a drop of 15 percent, reducing the figure to 85,711 million pieces. In the financial year 2021-22, there was a significant rise in counterfeit 500 rupee notes, with the number increasing from 39,453 million in 2020-21 to 79,669 million, indicating a doubling and a 102 percent increase. In the financial year 2023-24, there was a significant rise of 166 percent in fake 2000 rupee notes, jumping from 9,806 million pieces in the previous financial year to 26,035 million pieces.
In spite of these rises, there has been an overall drop of 30 percent in fake money across all monetary values, according to the government’s records. During the fiscal year 2018-19, there were 317,384 fake notes, a number that dropped to 222,639 in the fiscal year 2023-24. Counterfeit notes can affect anyone. At times, individuals struggle to differentiate genuine from counterfeit bills. As per the RBI, the standard dimensions of the initial 500 rupee bill are 66 mm x 150 mm.
This way you can identify a real 500 note
The value of 500 will be written in Devanagari script on the currency note. Mahatma Gandhi’s picture will be positioned at the center of the bill. The micro letters ‘Bharat’ and ‘India’ will be included. A security feature with color changing windows will include the words ‘Bharat’ and ‘RBI’ inscribed on it. When the 500 note is tilted, the thread’s color shifts from green to blue. The presence of a guarantee clause, a promise clause signed by the governor, and the RBI symbol can be seen to the right of Mahatma Gandhi’s image. The bill includes a watermark of Mahatma Gandhi and an electrotype (500). The note has a set of digits in increasing order displayed in a panel at the top left and bottom right. In the lower right corner, there is a value amount with the rupee sign (₹500) in ink that changes color (from green to blue). The Ashoka Pillar symbol is located on the right side of the note. The 500 note displays the printing year on its left side. The Clean India slogan logo is featured on the note.