Photo for representation only.
New Delhi, August 1
Six years after demonetisation, the black currency market continues to thrive. There has been a whopping 107 times increase in the number of fake currency notes of Rs 2,000 denomination between 2016 and 2020.
In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary today said 2,272 fake currency notes of Rs 2,000 denomination were seized in 2016, 74,898 in 2017, 54,776 in 2018, 90,566 in 2019 and 2,44,834 in 2020. The number has been mostly rising since 2016, except once in 2018. Between 2019 and 2020, there has been a 170 per cent rise in fake currency notes of Rs 2,000 denomination. In the banking system, the number of fake notes detected have decreased.
“The number of such notes detected in the banking system decreased from 2018-19 till 2020-21. In 2021-22, the number was 13,604, which is 0.000635 per cent of the total number of bank notes of Rs 2,000 denomination in circulation,” the MoS said.
To contain the circulation of fake Indian currency notes (FICN), the government enacted the Unlawful Activities (Prevention) Act, 1967, formed the National Investigation Agency (NIA) and constituted FICN Coordination Group (FCORD) to share intelligence and information among the security agencies of the states and Centre. It also constituted Terror Funding and Fake Currency (TFFC) Cell in the NIA to conduct focused investigation of terror funding and fake currency cases, the minister said.
He said a joint task force was functioning between India and Bangladesh for building trust and cooperation for the exchange of information and analysis of FICN smugglers. “An MoU has been signed with Bangladesh to prevent and counter-smuggling and circulation of fake currency notes,” Chaudhary informed the LS.
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