Fake Rs 50, Rs 100 notes' detection record high in 2017-18: RBI
Mumbai, Aug 29 : The detection of counterfeit notes in the Rs 50 and Rs 100 denomination witnessed a record high in 2017-18 compared with two preceding fiscals, the RBI announced on Wednesday.
According to the Reserve Bank of India's (RBI) annual report for 2017-18, the number of fake Rs 50 notes detected shot up 154.3 per cent to 23,447 pieces, as against 9,222 notes detected in 2016-17 and 6,453 in 2015-16.
The RBI said that the detection of counterfeit Rs 100 notes increased 35 per cent to 239,182 pieces during the said period, compared with 177,195 notes in 2016-17 and 221,447 in 2015-16.
However, the detection of counterfeit notes was 31.4 per cent lower in 2017-18 compared with the previous year.
"Counterfeit notes in denominations of Rs 500 and Rs 1,000 detected in SBNs (specified banknotes) decreased by 59.7 and 59.6 per cent respectively, as the same comprised only the residual part of SBN deposits processed during 2017-18," the report said.
This "residual" currency refers to the high-value notes scrapped by demonetisation in November 2016.
"During 2017-18, as many as 522,783 pieces of counterfeit notes were detected in the banking system, of which 63.9 per cent were detected by banks other than the Reserve Bank," the RBI said.
Moreover, out of the total fake notes detected at the RBI, their share during 2017-18 was higher at 36.1 per cent, compared with 4.3 per cent during the previous year.
This was because of processing of a large volume of SBNs withdrawn from circulation by demonetisation, the report said.
Speaking of the Indian economy, the annual report said that there are upside risks to inflation which requires vigilance.
Pointing out that while headline inflation is likely to face upside risks over the remaining period of the current fiscal, the RBI projected the country's real Gross Domestic Product for the same period to grow to 7.4 per cent from 6.7 per cent in the previous year.
India's central bank also said that credit growth is likely to be supported by the progress in resolving the most pressing problem of non-performing assets, or bad loans, under the Insolvency and Bankruptcy Code, 2016.
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EAM Jaishankar meets Jamaican PM, gifts over 10 BHISHM Cubes
Kingston (PTI): External Affairs Minister S Jaishankar on Monday met Jamaican Prime Minister Andrew Holness and discussed ways to further deepen "political, economic and people-to-people cooperation."
Jaishankar also conveyed greetings from Prime Minister Narendra Modi to Holness.
"Pleased to call on Prime Minister @AndrewHolnessJM in Kingston. Conveyed the greetings of PM @narendramodi," Jaishankar posted on X.
"Discussed deepening our political, economic and people-to-people cooperation. Value his commitment towards further strengthening India-Jamaica relations," the post further read.
Also, the external affairs minister handed over 10 BHISHM (Bharat Health Initiative for Sahyog Hita & Maitri) Cubes as a gift to Jamaica.
"Formally handed over 10 BHISHM Cubes as a gift from India to Jamaica, in the presence of PM @AndrewHolnessJM, Health Minister @christufton and FM @kaminajsmith," Jaishankar posted on X.
"The BHISHM Cube mobile hospital system, designed for rapid deployment, will help Jamaica during disasters and emergencies. The gift of these cubes is a statement of friendship, a commitment to disaster preparedness, and an outcome of innovation," the post said.
Jaishankar arrived in Kingston on Saturday evening, marking the first leg of his nine-day tour of Jamaica, Suriname, and Trinidad and Tobago, aimed at further strengthening India's strategic and cultural ties with the Caribbean nations.
Earlier in the day, he interacted with the Indian diaspora and discussed India's ongoing transformation in infrastructure, human development and technology-driven governance and entrepreneurship with them.
He also highlighted the cricket bond between both countries as India gifted a scoreboard to Jamaica.
A scoreboard was dedicated at Sabina Park in Kingston. It is the home of the Jamaica cricket team and is the only Test cricket ground in the Caribbean island nation.
The minister expressed hope that the new scoreboard would witness many memorable innings, including those symbolising the enduring friendship between the two countries.
Cricket has long been a strong cultural bridge between India and Jamaica, which is part of the West Indies cricket team.
Jamaican players, including Chris Gayle, Courtney Walsh and Michael Holding, have played a major role in shaping the legacy of West Indies cricket in the international arena, contributing to its dominance in earlier decades and its continued global appeal.
