Fake Indian currency notes shoot up after four years of demonetisation

Fake Indian Currency Notes continue to thrive across the nation despite demonetisation in 2016, proclaimed by the Central government as a measure to curb corruption and fake currencies. According to official data, Rs 25.39 crore FICN was seized in 2019, compared to Rs 17.95 crore in 2018.

New Delhi:Even though three years have passed after demonetisation, Fake Indian Currency Notes (FICN) are being increasingly busted in the country, pausing red flag for the Union Home Ministry.

On Wednesday, Assam police have arrested two members of a notorious fake currency gang from Fakirpara area in Darrang district. Six hundred fake currency notes of 500 denomination have also been recovered from their possession.

A senior Assam police official says that the gang used to pump in FICN across the border. "We have alerted the authorities of border districts regarding the issue," says the official. In fact, the inflow of Fake Indian Currency from Bangladesh has always been a concern for India.

In addition, India and Bangladesh earlier have signed a Memorandum of Understanding (MoU) to prevent and counter-smuggling, circulation of fake notes. Government statistics reveal that the seizure of counterfeit currency across India have witnessed a spike of 11.7 per cent in 2019 compared to 2018.

According to official data, Rs 25.39 crore FICN was seized in 2019, compared to Rs 17.95 crore in 2018. As mentioned earlier, the unabated circulation of fake notes has challenged the Central Government as scrapping of old Rs 500 and Rs 1000 notes in November 2016 was proclaimed as an end to corruption and fake currency in India.

The government had even claimed that Rs 2000 note was inbuilt with several high-security features. However, 90,566 pieces of fake Rs 2000 notes were seized in 2019. The highest number of fake currencies have been recovered from Karnataka (23,599), Gujarat (14,494) and West Bengal (13,637).

Read : Bikaner: Fake currency racket busted, four arrested

As many as 71,817 fake Rs 100 notes were seized in 2019 as Delhi reported the highest recovery of 31,671 notes, followed by 16,159 notes in Gujarat and 6129 notes in Uttar Pradesh. Interestingly, a special unit of the National Investigation Agency (NIA), Terror Funding and Fake Currency Cell (TFFC) has also been conducting probes into several cases involving FICN.

Sources in NIA say that a team from the investigating agency had recently visited Bangladesh in connection with the circulation of fake currency. The NIA visited Bangladesh after two citizens from Bangladesh were arrested by NIA in August.

"The investigation agency has got some crucial evidence substantiating that a huge racket of FICN is still active in Bangladesh," sources say. Sources say that organisations inimical to India's security print FICN in Bangladesh and dispatch it into India mainly through West Bengal and Assam border.

According to the sources, NIA is also looking into the possibilities of involvement of international gangs from other countries for injecting fake currency into India.