Central Banking

RBI paper develops method for estimating counterfeit volumes

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A working paper, published today by the Reserve Bank of India (RBI), seeks to produce a more accurate methodology for estimating the volume of counterfeit banknotes in circulation.

The paper, Estimation of Counterfeit Currency Notes in India – Alternative Methodologies, by Sanjoy Bose and Abhiman Das, develops an "inverse sampling" method, originally used for estimating proportions of abnormal blood cells, that is able to cope with "miniscule" sample sizes. "Sampling is continued until a

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