<span style="color: #222222;">The government today claimed that the value of counterfeit notes detected in the banking system has reduced from 43 crore 47 lakh rupees in 2016-17 to eight crore 26 lakh rupee in 2021-22. In a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said, the value of fake currency seized in the year 2017 was 28 crore 10 lakh rupees and in 2020 it was 92 crore 18 lakh rupees. He said, the number of counterfeit banknotes has come down Seven lakh 62 thousand pieces in 2016-17 to over two lakh nine thousand pieces in 2020-21 post decision of the government to cancel the Legal Tender Status of one thousand rupees and five hundred rupees denomination currency notes on 8th November 2016. The Minister said, the decision of demonetisation had several objectives including curbing of circulation of Fake Indian Currency Notes.</span><br />