Brace up for more fake note discovery despite new bills: Study

Banks received Rs 15.31 trillion, or 99.3 per cent, of the Rs 15.41 trillion worth Rs 500 and Rs 1,000 notes in circulation on November 8, 2016, when the note ban was announced, it said

Despite RBI claims that the newly introduced bills are more secure, currency counterfeiters seem to have found a way around it and we should brace for more fake note discoveries, a SBI report said on Wednesday.

"The promise of RBI that new currency notes of Rs 200 and Rs 500 (post demonetisation) are more secure and less prone to counterfeit is not entirely correct," SBI's house economists said in a report released after the RBI came out with its annual report.

It said there was a "noticeable increase" in counterfeit notes detected in the denomination of new Rs 500 (up