Fake ₹500 notes surge 300% in India over 5 years: Finance Ministry

The Finance Ministry on Monday said the circulation of fake ₹500 notes has increased 317% in five years. Data presented in the Parliament showed that number of fake ₹500 notes jumped from 21,865 million pieces (mpcs) in FY19 to 91,110 mpcs in FY23. However, there was marginal decline to 85,711 mpcs in FY24.