NEW DELHI: Even seven years after demonetisation, India continues to grapple with the menace of counterfeit currency, as fake Indian currency notes (FICN) valued at around Rs 16 Crore were seized in Delhi alone last year.
The country enjoyed a brief respite for just one year postdemonetisation, during which there were very few reports of the circulation of fake Indian currency notes (FICN). However, after a year’s hiatus, cases of counterfeit currency began to rise again.
Pan-India, in 2022, a total of 42,10,406 fake Indian currency notes worth Rs 382 crore were seized. The fake currency seized in Delhi included 73,253 notes in Rs 2000 denomination, one note of the now-discontinued Rs 1000, 24,476 notes of Rs 500, 3,160 notes of Rs 200, 12,980 notes of Rs 100, 5,706 notes of Rs 50, 26 notes of Rs 20, and 31 notes of Rs 10.
Notably, counterfeiting currency notes is an offense under the Indian Penal Code. Furthermore, the production, smuggling, or circulation of high-quality fake Indian paper currency, coins, or any other material has been classified as a terrorist act under the Unlawful Activities (Prevention) Act, 1967.
Senior Delhi Police officials state that India’s western neighbor, Pakistan, has been a significant contributor to this menace and continues with its nefarious designs to destabilize the country’s economy by pumping in fake currency.
A senior police officer told this paper that, based on the investigation of various cases involving significant seizures of FICN in Kathmandu (Nepal), Bangladesh, and India after demonetisation, it is strongly suspected that substantial consignments of FICN are initially brought to Nepal and Bangladesh from Pakistan through Gulf countries by air.Subsequently, the counterfeit money is smuggled into India through the porous international borders of Nepal and Bangladesh by members of global FICN syndicates.
Over 42 L fake notes seized
Counterfeiting currency notes is an offense under the Indian Penal Code. Furthermore, the production, smuggling, or circulation of high-quality fake Indian paper currency, coins, or any other material has been classified as a terrorist act under the Unlawful Activities (Prevention) Act, 1967. In 2022, a total of 42,10,406 fake Indian currency notes worth Rs 382 crore were seized across the country as per data.
‘Pakistan pushing fake currency into India’
According to a police officer, substantial consignments of FICN are initially brought to Nepal and Bangladesh from Pakistan through Gulf by air. Subsequently, the counterfeit money is smuggled into India through the porous international borders of Nepal and Bangladesh by global FICN syndicates.