India and Bangladesh have also constituted a Joint Task Force to deal with common problems faced by both countries related to fake currency notes, circulation, and smuggling. The Indian government in 2015 signed a Memorandum of Understanding (MoU) with Bangladesh to counter the smuggling and circulation of fake currency notes.
Usually, two main channels from where this comes into the country are Pakistan and Bangladesh,” says Kumar. Pakistan’s ISI has been using this as one of the major tools to unsettle the Indian economy. Terror groups and anti-national forces are using these Fake Indian Currency Notes (FICN) networks for terror funding in India. “I think this step may have also been taken to curb the circulation of fake currency notes. In March last year, the Ministry of Finance informed the Loksabha that Rs 2000 currency notes, India’s highest denomination, were not printed for FY 2019-20 and FY 2020-21. This year there were many media reports questioning the disappearance of Rs 2000 notes in India. The total number of counterfeit currency notes detected in the banking system has also seen a marginal increase from 2,08,625 pieces to 2,30,971 pieces in FY 2021-22.ĭata related to Fake Indian Currency Notes (FICN) volume and value of seizures in India between 20 | Courtesy: The finance ministry data also reveals that the total volume of currency notes, which is the total volume in pieces, has also substantially increased from 2,81,839 in 2016 to 8,34,947 in 2020. Between 20, the fake currency seized in the country increased by over three-and-a-half times from around Rs 25 crores in 2019 to around Rs 92 crores in 2020. In 2016, a total value of Rs 15,92,50,181 counterfeit currency notes was seized in India, whereas in 2020, the numbers sharply increased to Rs 92,17,80,480. On Tuesday, the Minister of State in the Ministry of Finance, Pankaj Chaudhury, informed the Parliament that the number of counterfeit currency notes seized in the country has significantly increased. After that, several steps were initiated by the government to curb these practices, but it is very concerning that despite demonetisation, we are still witnessing so many cases”, says Rajinder Kumar, former Director, Intelligence Bureau (IB). These racketeers have been purchasing the paper from the same dealer where the government was procuring the supplies. In many cases, we found the fake currency racketeers were printing the currencies using actual high-quality paper. In the IB, we have done several operations and have seized fake currencies. “One of the main reasons to go for demonetisation was to fight fake currencies. Nearly six years have passed since the demonetisation exercise, but the government has not been able to restrict the circulation of fake currencies. The Prime Minister claimed that demonetisation would help curtail the shadow economy prevailing in the country, curb black money, increase cashless transactions and reduce the use of counterfeit currencies.
#Sketchpen for fake notes indian series#
On November 8, 2016, the government of India announced the demonetisation of all Rs 500 and Rs 1000 banknotes of the Mahatma Gandhi Series and issued new Rs 500 and Rs 2000 notes in exchange for the demonetised notes. Government data indicates a marked increase in counterfeit currency seizures and circulation in the country. During the raids, the police seized a colour printer, high-quality bond paper, colour inks and a cutting machine from the men. Last month a similar incident was reported in Mumbai’s Dadar, where the police arrested four people for allegedly printing and circulating counterfeit Indian currency notes. During search operations, the police recovered Fake Indian currency Notes from the accused. The Kolkata police on Sunday intercepted a Murshidabad-based dealer of arms, ammunition and fake currencies.
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