Directorate of Revenue Intelligence is conducting raids at the Chennai airport to check counterfeit currency smuggling.
Directorate of Revenue Intelligence is conducting raids at the Chennai airport to check counterfeit currency smuggling. These raids are being conducted since Friday morning, according to the TV reports. This step has been taken to stop the inflow of fake currency into the country through Chennai. Dealing with fake currency has been a major issue for the Indian government over the years. In 2012, the then Finance Minister P Chidambaram said there is no estimate of fake currency in India. he went on record to say this in the Parliament.
The Ministry of Home Affairs even constituted the Fake Indian Currency Notes Co-ordination Center (FCORD) to curb this menace which works with many other central and state agencies in the country. The new government led by Prime Minister Narendra Modi has taken up this matter far more seriously and to deal with it, announced that the hitherto existing 500 and 1000 rupee notes cease to be legal tender. PM Modi believed that this step can help India curb black money and widespread counterfeit currency in the country.
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After this announcement, new Rs 500 and Rs 2000 notes were introduced which the government said are very hard to copy. However, even after that, there were many cases of new fake currency being circulated within the country.In Chennai itself the Income Tax Department busted a money laundering racket and seized Rs. 120 crore in demonetised notes, new currency and gold. The IT department then arrested three associates – Sekhar Reddy, Srinivasa Reddy and Prem who were involved in these transactions.