.......The 40-page RBI working paper authored by Sanjay Bose and Abhiman Das have pointed to 3.90 lakh counterfeit currency notes detected in the banking system annually on an aggregate basis over a five-year period, 2007-12. This translates to about seven fake notes for every one million currency notes in circulation. It is lesser than the IB assessment but is based on a scientific study done by the two authors for RBI’s department of economic and policy research. But, the report concedes that there has been a steady increase in FICN in higher denominations of Rs 1,000 and Rs 500. .........
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