1. Within 3 months of Narendra Modi’s demonetisation move, fake Rs 2000 notes from Pakistan enter India

Within 3 months of Narendra Modi’s demonetisation move, fake Rs 2000 notes from Pakistan enter India

When Prime Minister Narendra Modi had made the bold move to demonetise Rs. 500 and Rs 1000 on November 8 last year, he cited counterfeit currency as one of the main reasons.

By: | New Delhi | Updated: February 13, 2017 1:07 PM
When Prime Minister Narendra had made the bold move to demonetise Rs. 500 and Rs 1000 on November 8 last year, he cited counterfeit currency as one of the main reasons. (IE image) When Prime Minister Narendra Modi had made the bold move to demonetise Rs. 500 and Rs 1000 on November 8 last year, he cited counterfeit currency as one of the main reasons. (IE image)

When Prime Minister Narendra Modi had made the bold move to demonetise Rs. 500 and Rs 1000 on November 8 last year, he cited counterfeit currency as one of the main reasons. While PM Modi’s intent was right but it has taken barely two months for Pakistan-based counterfeiters to come out with fake Rs 2,000 notes, according to The Indian Express report. The money is being pumped into the country via the permeable India-Bangladesh border. The shocking details were surfaced following recent arrests and seizures made by National Investigation Agency (NIA) and Border Security Force (BSF), the report says.

Taking notice of the issue, MoS Home Kiren Rijiju said, “If there is fake currency/hoarding of assets we are serious about it.”

Recently, A 26-year-old man, who hails from Malda in West Bengal, was arrested in Murshidabad for carrying 40 fake notes of Rs 2,000 denomination. During the interrogation, the accused revealed that fake notes had been printed in Pakistan, allegedly with the help of the Inter Services Intelligence (ISI). It has been learned that smugglers were required to pay Rs 400-600 in genuine currency for each fake Rs 2,000 note, depending on the quality, the report says.

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Shockingly, the seized notes have showed that at least 11 of the 17 security features in the new Rs 2,000 notes had been replicated. They included the transparent area, watermark, Ashoka Pillar emblem, the letters ‘Rs 2000’ on the left, the guarantee clause with the RBI governor’s signature and the denomination number in Devanagari on the front, the report says. According to experts, the motif of Chandrayaan, the Swachh Bharat logo and the year of printing had been copied on the reverse side. Although the print and paper quality of the seized counterfeits were poor, they resembled genuine notes, it says. Besides, the seized notes had the water mark and a crackling sound, similar to genuine currency, the report says.

As per the report, the first known attempt to smuggle fake currency was made in the last week of December 2016, when samples from across the border were sent for approval to smugglers in Malda. The first seizures of such notes were recorded on January 22 and on February 4, when Piyarul Sheikh (16) and Digamber Mondol (42), both from Kaliachak in Malda, were arrested by the local police and NIA.

According to officials of the Securities Printing and Minting Corporation of India Limited (SPMCIL), the newly introduced notes had no additional security features and were similar to those in the old Rs 1,000 and Rs 500 notes. According to a 2016 study conducted by the Indian Statistical Institute (ISI) in Kolkata, the value of Fake Indian Currency Note (FICN) in circulation was pegged at Rs 400 crore.

Union Finance Ministry had informed a Parliamentary Committee that smuggling of fake currency has totally stopped post demonetisation and the tax department has seized Rs 515 crore in cash, including Rs 114 crore of new currency notes, up to January 10. According to sources, in its response to the Public Accounts Committee over queries on demonetisation, the Finance Ministry said it has also detected undisclosed income of Rs 4,172 crore in search and seizure operations between November 9-December 28, 2016. Banning of 500 and 1000 rupee notes was intended to curb terror financing and as per the Intelligence reports the smuggling of fake notes has come to a “total halt”, the finance ministry had said.

  1. G
    Gsxrking
    Feb 14, 2017 at 1:22 am
    Strong punishment should be given to people who are caught.This will act as a deterrent.An easy solution to individuals is take large value currency ONLY from bank and ATM.
    Reply
    1. K
      Krishna Kumar
      Feb 13, 2017 at 5:11 pm
      Ban all currencies above Rs 100. Encourage digital transactions. Counterfeit will drastically reduce.
      Reply
      1. S
        S.L.Dixit
        Feb 13, 2017 at 4:11 pm
        Gov.should take strict action against smugglers.we have high hopes from our p.m. mr.narendra modi.He should take all steps to curb corruption.
        Reply
        1. B
          Birbahadur
          Feb 13, 2017 at 2:48 pm
          Post your opinion... Smugglers found caught red handed must be Summerly punished on the spot to check the menace, no formal procedure of law to apply these people.
          Reply
          1. Virendra Sason
            Feb 13, 2017 at 7:33 am
            IS IT NOT FAILURE OF MODI SARKAR ON DEMONETIZATION DRIVE THAT TAKEN SEVERAL DEATHS?
            Reply
            1. Ahmed Noori
              Feb 13, 2017 at 5:29 am
              RSS and BJP ,,they are stani Agents..that's why the FAKE currency comes to India......BJP and RSS workes do this work easily...
              Reply
              1. L
                Lal
                Feb 13, 2017 at 5:45 am
                Why cann't India repay s in their own coin? Flood stan with fake currencies. Just send them in balloons without bundling will spread all over stan.
                Reply
                1. A
                  Avinash Prakash
                  Feb 13, 2017 at 11:43 am
                  I guess, the sooner our government is able to implement complete digital economy ( from root level), it will be able to curb all s related ti counterfeit notes ot black money. Additionally, the govt will have enough fund to carry developmental work. So the govt should focus more towards providing tools to the poor and uneducated to become digita in transaction.
                  Reply
                  1. B
                    Balakrishna
                    Feb 14, 2017 at 8:35 am
                    If we close the fake currency w market in Didi's Malda, 50% of the problems will be over. Hand over Malda administration to CRPF and send the offenders to Tihar Jail. Even we can considre beheading which may be acceptable to stan. We need surgical strike in this border also.
                    Reply
                    1. A
                      Ashok
                      Feb 13, 2017 at 7:19 am
                      Get me to something called Modi, I like to enlighten him for just 3crs (BTW this is the amount lost by Chidu &MMS era, Mad M or papou no where in record, smart alekek's of world ?!!!¡.yeah I second that I
                      Reply
                      1. C
                        Chetan Sangoram
                        Feb 13, 2017 at 4:14 pm
                        Please note accused caught in West Bengal.... La da of Mamata Di....The backyard for Bangladeshi vote bank and if needed even anti social terrorism factions as long as they are vote bank for Mamata Di .... Trinamool
                        Reply
                        1. C
                          Citizen
                          Feb 13, 2017 at 8:45 am
                          counterfeit notes can be easily detected owing to their poor quality as cited in the article. It would help, if the government runs an awareness campaign to help our people in identifying the fake currency notes. Once awareness is created , people would take care of the rest. So it should be a collective fight against this issue.
                          Reply
                          1. D
                            DREAMCHASER
                            Feb 13, 2017 at 5:52 am
                            Stop high denomination notes altogether. only 100 and below should be in the system.
                            Reply
                            1. Hemant Bhardwaj
                              Feb 14, 2017 at 5:39 pm
                              several deaths? people die on streets/roads all the time.
                              Reply
                              1. I
                                ichhiji
                                Feb 13, 2017 at 8:37 pm
                                Is there anything that goes wrong in India and stan is not blamed? Not very long ago stan was blamed for spread of plague in Gujrat.
                                Reply
                                1. S
                                  Seshadri Ranganathan
                                  Feb 14, 2017 at 12:49 am
                                  There is no doubt that Bangladesh is more dangerous than stan. Unless and otherwise we force return the Bangladeshis ilegally settled in India and shoot any Bangladeshi crossing the border ilegally this cannot be stopped. These Bangladeshis have literally run over the entire North East. North East will become another Kashmir aided and abetted by China.
                                  Reply
                                  1. J
                                    Jsmkumar
                                    Feb 14, 2017 at 5:10 am
                                    Corrupt bank managers have already exchanged fake notes,if govt demonetize 2000 note again they will exchange for 20% commission.
                                    Reply
                                    1. J
                                      Jsmkumar
                                      Feb 14, 2017 at 5:07 am
                                      Malda is epicentre for fake currency.That is why Mamata benergy do not want currency ban.It is cottage industry in Malda.Bring the army in to play and shoot the fake currency makers and traders.
                                      Reply
                                      1. Karanam Rao
                                        Feb 13, 2017 at 3:44 pm
                                        Go in for a second demonetization of Rs.2000/- and put your political fortunes at stake.It's a volatile situation, and stan must stop this naked aggression on the Indian economy.#AAP
                                        Reply
                                        1. krishna krishna
                                          Feb 13, 2017 at 6:07 am
                                          This is the reason Modi ji is insisting on plastic money.. digital transaction. By using currency notes, we are helping our enemies to flourish on our hard earned money. Indirectly, we are helping our enemies to use our currency to harm us.
                                          Reply
                                          1. Misinformation Destroyer
                                            Feb 13, 2017 at 9:05 pm
                                            Some people are so s, even if someone is working for the nation trying his best despite all odds. These ss who put w in the same plate on which they eat. shame on these ss in the comment section, karma's pay, their soul will show them the truth. time to retrospect paid trolls. Try to think what is best for nation rather crying on everything and putting blame game. Take strict action against smugglers.
                                            Reply
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