The Reserve Bank of India reported that up to 69.38 billion counterfeit banknotes were estimated to have been in circulation during 2011-2012.
27.84 billion of the fake currency were 100 Indian Rupees and higher.
Financial regulators in India detected 521,000 counterfeit notes during the time period.
It is estimated that up to $2.2 Trillion worth of rupees could be fake in India’s financial system.
Source: “RBI to compensate banks 25 per cent of losses for reporting fake notes,” Economic Times, June 30, 2013.