1. Govt study pegs face value of fake currencies at Rs 400 crore

Govt study pegs face value of fake currencies at Rs 400 crore

Fake currency notes with face value of a staggering amount of Rs 400 crore are in circulation across the country, a government-mandated study has found.

By: | New Delhi | Published: August 2, 2016 4:40 PM
The study on Fake Indian Currency Note (FICN) issues, including estimation of FICN in circulation, was conducted by Indian Statistical Institute (ISI), Kolkata under the overall supervision of NIA (National Investigation Agency). (Source: PTI)

Fake currency notes with face value of a staggering amount of Rs 400 crore are in circulation across the country, a government-mandated study has found.

The study on Fake Indian Currency Note (FICN) issues, including estimation of FICN in circulation, was conducted by Indian Statistical Institute (ISI), Kolkata under the overall supervision of NIA (National Investigation Agency).

“As per the study, the face value of FICN in circulation was found to be about Rs 400 crore. It was found the value remained constant for the last four years,” Minister of State for Finance Arjun Ram Meghwal said in a written reply to a Rajya Sabha question.

To check the menace of counterfeiting of banknotes, the Ministry of Finance, Ministry of Home Affairs, Reserve Bank, security and intelligence agencies of the Centre and states are working in tandem to thwart the illegal activities related to FICN, Meghwal said.

“An FICN Coordination Group (FCORD) has been formed in the Ministry of Home Affairs to share the intelligence amongst different security agencies of states/Centre to counter the menace of agencies to effect more seizures,” he said.

Replying to a separate query, the Minister said during financial year 2014-15 and 2015-16, projects involving investments of Rs 25,878 crore were awarded by major ports.

“As per an RBI data, FDI of Rs 1.17 lakh crore was received in infrastructure sector including roads, railways, ports etc in the last two years,” he said.

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