CPM Forum
Canadian Notes => Counterfeit Currency => Topic started by: walktothewater on April 20, 2018, 01:59:45 pm
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See article:
https://www.oneindia.com/india/startling-findings-about-counterfeit-currency-post-demonetisation-2681534.html (https://www.oneindia.com/india/startling-findings-about-counterfeit-currency-post-demonetisation-2681534.html)
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We're supposed to be surprised that a mandate forcing everyone to turn in their currency by a specified date would result in an increase in counterfeit currency reports? Obviously we're just seeing the counterfeit currency already in circulation being turned in at an increased rate as people scramble to deposit all their cash before it becomes worthless. Nothing startling about that. Actually given the enormous increase in the number of deposits occasioned by the demonitization it would seem that the percentage of counterfeit bills detected was actually much lower than usual.
[additional comments about the real point of the article withheld to avoid straying off-topic...]
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For the record:
India - 7.59 counterfeit per million notes in circulation
Canada - 11.09 counterfeit per million notes in circulation
Not sure what the interest in this article is. However for starters it may be worthwhile to look at the source information from the Reserve Bank of India (equivalent of Bank of Canada).
The statistics for counterfeit notes and notes in circulation can be found here:
https://rbi.org.in/scripts/AnnualReportPublications.aspx?Id=1208
The number of counterfeit notes detected in the latest reporting period by RBI is approximately 762,100. Compare this to the total notes in circulation at of over 100,293,000,000.
In Canada in 2017 there were 22,735 counterfeit notes detected in relation to total notes in circulation at over 2,050,000,000.
If you take the number of counterfeit notes detected per million notes in circulation then the numbers work out as follows:
India - 7.59 counterfeit per million notes in circulation
Canada - 11.09 counterfeit per million notes in circulation
If you look at the increase in counterfeiting by percentage from 2016 to 2017 the number of counterfeits have gone up in Canada by approximately 30% compared to 20% in India.
The Canadian Statistics on counterfeiting at the Bank of Canada are found here:
https://www.bankofcanada.ca/rates/banking-and-financial-statistics/statistics-pertaining-to-counterfeit-canadian-bank-notes-formerly-b4/
For those interested there is a nice article written by Bank of Canada on measuring and understanding counterfeiting (although dated) and it can be found here:
https://www.bankofcanada.ca/wp-content/uploads/2011/11/fung.pdf