<p>"... the forged notes detected by the banking system, including the Reserve Bank, in 2007-2008 were four notes in one million notes in circulation," RBI said in a release.<br />The number of forged notes detected by the banking system in 2007-2008 was 1,95,811 against 4,422.5 crore notes in circulation, the apex bank said.<br /><br />RBI also said that some media reports have been erroneously quoting the Nayak Committee findings for estimates of forged currency notes in circulation in India.<br />However, there is no estimate of forged notes in circulation by any agency, the release added.<br /><br />The Nayak Committee, which was set up in 1988 to go into the dynamics of currency management, estimated the value of notes in circulation in 2000 at Rs 1,69,000 crore.<br />"The Nayak Committee did not make any study of fake notes and did not give any figure relating to such notes," the release said.</p>
<p>"... the forged notes detected by the banking system, including the Reserve Bank, in 2007-2008 were four notes in one million notes in circulation," RBI said in a release.<br />The number of forged notes detected by the banking system in 2007-2008 was 1,95,811 against 4,422.5 crore notes in circulation, the apex bank said.<br /><br />RBI also said that some media reports have been erroneously quoting the Nayak Committee findings for estimates of forged currency notes in circulation in India.<br />However, there is no estimate of forged notes in circulation by any agency, the release added.<br /><br />The Nayak Committee, which was set up in 1988 to go into the dynamics of currency management, estimated the value of notes in circulation in 2000 at Rs 1,69,000 crore.<br />"The Nayak Committee did not make any study of fake notes and did not give any figure relating to such notes," the release said.</p>