The number of fake notes of Rs 500 and Rs 2000 in the market has increased as compared to earlier. The Reserve Bank of India has given this information in its annual report released on Tuesday.
The report said that counterfeit notes detected in the denominations of Rs 20 and Rs 500 (new design) have increased by 8.4 per cent and 14.4 per cent, respectively, in the last financial year as compared to 2021-22.
On the other hand, counterfeit notes detected in the denominations of Rs 10, Rs 100 and Rs 2,000 declined by 11.6 per cent, 14.7 per cent and 27.9 per cent, respectively. Explain that the Reserve Bank has recently announced the withdrawal of Rs 2,000 notes and has been given time till September 30 to deposit or exchange them.
Inflation expected to come down
According to the report, India’s growth momentum is likely to be sustained in 2023-24 on the back of strong macroeconomic policies and softening commodity prices. The central bank said that inflation is also expected to come down in the current financial year. However, the report also noted that there could be downside risks to growth if financial market volatility is triggered by slower global growth, prolonged geopolitical tensions and stress in the global financial system.
Growth expected to be 7 percent
According to the report, India’s real GDP is expected to grow at a rate of seven percent in 2022-23. The RBI’s Annual Report for 2022-23 further stated that its monetary policy is aimed at ensuring that inflation continues to move closer to the target while supporting growth. The Annual Report of RBI is a statutory report of its Central Board of Directors.
