While much of the transaction has switched to UPI or net banking as compared to 4-5 years ago, cash is still not out of circulation in the country. When demonetization was announced by PM Modi, one of the reasons he gave was to eradicate black money and counterfeit notes. But, an RBI reports suggests otherwise. According to the recent report released by the Reserve Bank of India (RBI) on Friday, counterfeit notes of all denominations increased in the financial year 2021-22 (FY22).

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