The rising threat of Fake Indian Currency Notes or FICNs was one of the horde reasons referred to for the demonetisation of Rs 500 and Rs 1,000 banknotes in 2016. At the stroke of 12 AM on April 8, 2016, all banknotes of the sections of the Mahatma Gandhi (old) series were delivered as "useless bits of paper".
In November 2016, the public authority presented new Mahatma Gandhi sequences notes of Rs 500 demonisation to supplant the old ones. It was contended that the new money notes will be powerful in getting rid of illegal intimidation and corruption in addition to other things.
At the hour of their issuance, it was additionally guaranteed that new notes have added security includes that will make it hard for forgers to duplicate them. In any case, as indicated by the Reserve Bank of India's (RBI's) yearly report for 2020-21, fake banknotes of Rs 500 category were discovered to achieving currency.
During 2020-21, there was an increment of 31.3 percent in fake notes recognized in the section of new Rs 500 notes as contrasted and the earlier year, the RBI said. Notwithstanding, there was a decrease in fake notes identified in different categories. By and by, the Reserve Bank issues notes in categories of Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500 and Rs 2,000. Coins available for use involve 50 paise and Rs 1, Rs 2, Rs 5, Rs 10 and Rs 20 categories.
A sum of 39,453 phony banknotes of Rs 500 denotations of Mahatma Gandhi (New) Series were found during the year and 1.11 lakh counterfeit notes of Rs 100 were distinguished during the year. The RBI report additionally said a sum of 2.09 lakh counterfeit banknotes of all groups were identified during the year. This number was noteworthy down from 2.97 lakh counterfeit notes identified during 2019-20.
The new Rs 500 notes are not quite the same as the prior series in colour, size, theme, area of safety highlights and design components. The size of the new note is 66mm x 150mm. The shade of the notes is stone grey and the overwhelming new theme is the Indian heritage site - Red Fort.