Demonetisation: ‘Just 7 in every 1 mn fake notes were detected in 2015-16’

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November 24, 2016 3:31 PM

The total value of these fake notes in 2015-16 was Rs 29.64 crore which is as low as 0.0018 per cent of Rs 16.41 lakh crore currencies in circulation.

Demonetisation, Fake Currency in India, Fake Notes, counterfeiting, Narendra Modi, BJP, Black Money, Corruption, Income Tax Department, Currency News, RBIThe total value of these fake notes in 2015-16 was Rs 29.64 crore which is as low as 0.0018 per cent of Rs 16.41 lakh crore currencies in circulation. (Source: PTI)

One of the biggest concern that the BJP and Prime Minister Narendra Modi have today is the ongoing black money circulation and currency counterfeiting in the country. As per a report published by IndiaSpend, only 16 out of every 250 fake notes were detected in India in 2015-16. Betting on the above cited fact that further ignites terrorism in the country, the decision to demonetise Rs 500 and Rs 1,000 currency notes was implemented by the central government earlier this month.

As per RBI data, only 0.63 million out of 90.26 billion currency notes circulated in Indian in 2015-16 were detected fake. This is just 0.0007 per cent summing up to a mere seven in every one million notes that were detected fake. The total value of these fake notes in 2015-16 was Rs 29.64 crore which is as low as 0.0018 per cent of Rs 16.41 lakh crore currencies in circulation. The National Crime Records Bureau submitted a data in the Lok Sabha in November 2016 stated that, 0.88 million counterfeited currency (approx Rs 43.8 crore) were seized in the year 2015.

In May 2016, The Times of India reported that India receives fake currencies worth Rs 70 crore every year and only one-third of this is being interpreted by the agencies. Though the detection of fake currencies is to be carried out by the commercial banks and it holds maximum transactions, but reporting about the same is asymmetrical. However, banks such as HDFC, Axis and ICICI report about 80 per cent of the fake currency detected.

Between April to October 2016, black-money holders accepted to unaccounted assets worth Rs 7,700 crore out of which Rs 408 crore (merely 5 per cent) was cash and the remaining was invested in stocks, real estate and benami bank accounts, confirmed a data revealed by the income tax department.

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