After a long gap, the Parliament is back in session. Two years back, demonetization was announced. The stated objectives kept changing, but it was said that demonetization will erase fake currency notes from our monetary system. Today, the Government informed the Parliament that it takes various steps to counter presence of fake notes. They are- 

"The Unlawful Activities (Prevention) Act, 1967 criminalizes the production or smuggling or circulation of High Quality Fake Indian paper currency, coin or any other material as a “terrorist act”.

FICN Coordination Group (FCORD) formed by the Ministry of Home Affairs (MHA) shares intelligence/information amongst the different security agencies of the States/Centre to counter the problem of circulation of fake currency notes in the country.

A Terror Funding and Fake Currency Cell (TFFC) has also been created in the National Investigation Agency (NIA) to investigate terror funding and fake currency cases."

Apart from the above, India also has a MOU with Bangladesh to prevent circulation of fake currency notes. The intelligence and investigative agencies also keep working round the clock to catch fake notes. After all, fake notes have  adverse effect on monetary stability of the country. However, only Arunahchal Pradesh, Meghalaya and Sikkim have reported no fake notes of Rs. 2000, 500 or 200 in the last 3 years. The maximim of fake Rs. 2000 notes have been confiscated from Gujarat. 

Overall, value of confiscated currency notes in the last 3 year is as following-

Rs. 2000 - Rs. 301346000

Rs. 500 - 25830500

Rs. 200 - 3195600

The presence of fake currency notes saw a great dip in 2017. However, it has seen an exponential increase since. The effect of demontziation on this front appears to be short lived. We as a country need to do a lot more to preserve and protect a vital aspect of our economy.  

   

   

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