New Delhi:The Delhi High Court has refused bail to a person allegedly part of a syndicate that prints and circulates fake Indian currency notes, saying that it not only cripples the economy but also breeds drug smuggling and funds undesirable terrorist outfits.
Justice Subramonium Prasad stated that the circulation of fake currency notes adversely affected the financial health of the nation and that fake production has reached such a level of immaculate sophistication that they have become indistinguishable from real currency notes and have become a high profiteering business.
The circulation of fake currency notes is severely detrimental to the economy and hampers the financial regulation of the country. The production of counterfeit currency notes often stems from dissatisfaction with a country's growth, and is, therefore, aimed at financially disintegrating and destabilising the steady equilibrium of liquidity in the economy.
"Counterfeiting of currency notes breeds drug smuggling, purchase of illegal arms and ammunition, funding of undesirable terrorist outfits, cross-border money laundering, human trafficking and various other phenomena. It has a disastrous effect on the economy, the judge said in his order dated August 23.
He added that Sections 489A, 489B, 489C, 489D and 489E of the Indian Penal Code, which deal with offences pertaining to fake currency, were specially inserted by the legislature to protect the economy of the country. In the present case, the court noted, the petitioner accused was apprehended by police following secret information that a Dubai-based Pakistani national was trying to bring fake Indian currency notes in the country.