On November 8, 2016, Prime Minister Narendra Modi announced the demonetisation of ₹1,000 and ₹500 notes with immediate effect, stating that the move would serve as a major assault on black money, counterfeit currencies, and corruption. The days that followed the announcement saw public panic with long queues at ATMs and widespread economic disruption, particularly in the micro, small and medium enterprises (MSME). While the jury is still out on the exercise’s impact on eradicating black money and corruption, the latest ‘Crime in India’ report of the National Crime Records Bureau for 2024 shows that almost a decade later, the problem of fake currency still persists.

According to the data, over ₹54.61 crore worth of fake currencies were seized from various States in India. Currencies seized included about six lakh ₹500 notes and more than one lakh ₹2,000 notes — which the Reserve Bank of India decided to withdraw from circulation in May 2023 although it continues to remain a legal tender.