Explanation The Correct Answer is Increased Key Points • The | UPSC LAW Optional

Explanation
The Correct Answer is Increased

Key Points
• The total number of Fake Indian Currency Notes (FICNs) of all denominations detected in the banking sector increased to 2,30,971 pieces

• The number of fake currency note of ₹500 denomination detected by the banking system more than doubled to 79,669 pieces in the fiscal 2021-22 over the previous year, according to the RBI annual report.

• The number of counterfeit notes of ₹2,000 denomination detected in the system was 13,604 pieces during 2021-22, up 54.6% from the preceding financial year.

• During 2021-22, out of the total FICNs detected in the banking sector, 6.9% were detected at the Reserve Bank and 93.1% at other banks, the report said.

• One of the major objectives of the 2016 demonetisation of the then prevailing ₹500 and ₹1,000 notes was to curb circulation of fake currency notes.