Two different measures sit behind the headline: police seizures of counterfeit notes and counterfeit notes detected by banks and the Reserve Bank of India (RBI). The latest banking figures show 32,660 counterfeit ₹200 notes detected in FY2024-25, up 13.9% from the previous year. That increase does not mean the number of fake notes circulating rose by the same amount.
What the two chart trends measure
Police and other law-enforcement agencies count notes seized during investigations. Banks and the RBI count notes identified as counterfeit when they enter the banking system and are examined. The institutions, collection routes and reporting periods differ, so these series should not be combined as if they measured the same pool of currency.
| Measure | Who counts it | What is counted | Period covered by the figures |
|---|---|---|---|
| Seizures | Law-enforcement agencies | Seizure cases and counterfeit notes seized | Figures cited in the August 2025 article include a trend through 2021 and a 2022 total |
| Banking-system detections | Banks and RBI | Notes identified as counterfeit in the banking system | FY2024-25 figures, compared with earlier financial years |
What RBI data says about counterfeit notes
In FY2024-25, banks detected 217,396 counterfeit notes in total, 2.4% fewer than the 222,639 detected in FY2023-24. The ₹200 denomination moved in the opposite direction: detections rose to 32,660 from 28,672, an increase of 13.9%. These are banking-system detections, not an estimate of every fake note in India.
| Category | FY2023-24 | FY2024-25 | Change |
|---|---|---|---|
| ₹200 notes | 28,672 | 32,660 | Up 13.9% |
| New-series ₹500 notes | 85,711 | 117,722 | Up 37.3% |
| All denominations | 222,639 | 217,396 | Down 2.4% |
Figures are notes detected in the banking system, as reported in SBI Research’s analysis of RBI data on May 29, 2025. Rising detections in one denomination can occur even as the total falls. Detection counts depend on notes reaching institutions that inspect and report them; they do not establish how many counterfeits are in circulation or how that number changed.
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The same series recorded 27,074 counterfeit ₹200 notes in FY2021-22. That earlier figure provides context, but counts from different years still reflect detections, not a direct circulation estimate.
What the seizure figures show—and what they do not
The Scroll.in article credited to IndiaSpend and published August 16, 2025 reports that counterfeit notes seized across India more than doubled in the five years through 2021, while recorded seizure cases fell by half. It also cites the National Crime Records Bureau’s latest available year in that article: 4.2 million counterfeit notes worth ₹382 crore seized in 2022.
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Those seizure figures describe law-enforcement activity, not bank detections. The cited seizure data stop at 2022; they do not establish a later comparable trend. Nor does a larger seizure count by itself show that the total stock of counterfeit currency in circulation increased: the number of notes seized can vary with enforcement activity and the cases investigated.
How bank detection works
RBI rules require banks to examine banknotes tendered over counters and notes tendered in bulk using machines. Banks submit counterfeit-note detection data monthly. This process helps explain why banking figures count notes that reach and are checked by financial institutions, rather than all counterfeit notes in use.
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As historical context, a Government of India parliamentary answer reproduced RBI detection totals of 762,072 in FY2016-17, 522,783 in FY2017-18, 317,384 in FY2018-19, 296,695 in FY2019-20, 208,625 in FY2020-21 and 230,971 in FY2021-22. The answer said the series did not show a significant increase. These are historical banking-system detections and should not be read as seizure totals.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How can I identify a fake ₹200 note?
RBI’s currency FAQ lists features of Indian banknotes, including four angular bleed lines with two circles between them on the ₹200 note. Treat such features as checks to help recognize a note, not as a guarantee of authenticity: one visual feature alone cannot establish that a note is genuine. See the RBI FAQ on Indian currency for official information.
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What to do if you suspect a note is counterfeit
If a bank determines that a note is counterfeit, RBI’s Master Direction requires the bank to stamp and impound it, record the case and give the person who tendered it an acknowledgement receipt. The bank must not return the note or destroy it. The required procedure is set out in the RBI Master Direction on Counterfeit Notes, 2024.
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