Fake Currency Seizures Top ₹54.6 Crore in 2024, Data Shows

Indian authorities seized counterfeit currency worth ₹54.61 crore in 2024, with ₹500 and ₹2,000 denomination notes making up a significant portion, according to the National Crime Records Bureau's 'Crime in India' report for 2024. The seizure marks the third-highest annual value since the 2016 demonetisation, when the government scrapped ₹1,000 and ₹500 notes to combat black money and counterfeiting.

Since 2017, a total of ₹638 crore in fake currency has been seized nationwide. In 2024, law enforcement recovered about six lakh counterfeit ₹500 notes and over one lakh ₹2,000 notes—despite the latter's withdrawal from circulation in May 2023. Counterfeit ₹500 notes seized in 2024 were nearly four times the 2016 figure, while fake ₹2,000 notes doubled from 2017 levels.

Banks detected more than 11 lakh fake notes valued at ₹40.26 crore between 2020-21 and 2024-25, with new series ₹500 and ₹200 notes increasingly targeted. Gujarat recorded the highest seizure value at ₹355.72 crore between 2017 and 2024, accounting for over half the national total, followed by Maharashtra and Karnataka.

The Reserve Bank of India reported that as of May 2025, currency in circulation reached ₹42.12 lakh crore—137% higher than in November 2016—undermining the demonetisation goal of reducing cash dependency. The volume of counterfeit notes in circulation suggests ongoing challenges in curbing illicit currency operations.

Law enforcement and banking regulators are intensifying surveillance on high-value denominations and inter-state distribution networks. The RBI and NCRB will present a joint review of counterfeit trends to the Finance Ministry later this month.