Fake Currency seizures in India declines

Fake_currency

Seizure of fake Indian currency is on a slump over the years in the country with latest figures showing a decrease of 13 per cent last year compared to 2013.

While police and RBI together recovered fake currency with a face value of Rs 42.9 crore in 2013, it declined to counterfeit notes with a face value of Rs 37.03 crore last year. The figure for 2012 was fake notes with a face value of Rs 45.2 crore.

As per the statistics provided by Union Home Ministry, it was in Delhi where the largest portion of fake notes of Rs 9.09 crore, which is almost 25 per cent of the total seizure, was recovered in 2014.

The national capital was followed by Maharashtra (fake notes of Rs 5.99 crore), Uttar Pradesh (Rs 5.1 crore) Gujarat (Rs 3.15 crore), Tamil Nadu (Rs 2.52 crore), Andhra Pradesh (Rs 2.5 crore), Karnataka (Rs 1.52 crore) and Chandigarh (Rs 1.11 crore).

Officials see nothing fishy in the decline and attributed it to the heightened vigilance and constant updation of security features of Indian currency making it difficult for the counterfeiters to follow it.

The interesting trend was the increase in recovery by RBI of fake notes with a face value of Rs 16.22 crore in 2012 to Rs 25.65 crore in 2014 while the police seizures fell from Rs 29.01 crore to Rs 11.38 crore during the corresponding period.

Officials claimed that this was due to police’s clamping down on fake note circuit.

The recovery at borders, mainly the Indo-Pakistan, Indo-Bangladesh and Indo-Nepal, on the other hand has shown an increasing trend. While fake notes with a face value of Rs 1.60 crore were seized by paramilitary forces in 2013, it rose to Rs 2.12 crore last year. This year until January 31, the forces have recovered fake notes with a face value of Rs 22.21 lakh.

An analysis of the fake notes recovered by RBI and police shows that Rs 500 denomination notes are the favourites of the counterfeiters. Around 3.44 lakh notes with a denomination of Rs 500 have been seized while the figure for Rs 1,000 denomination was far behind with 1.76 lakh notes.

Officials said Pakistan is the source of “printing, transhipment and circulation” of fake currency via Bangladesh, Sri Lanka, Thailand, Malaysia and the UAE through a self-sustaining criminal network.

FAKE NOTES/2014

State

Face value of recovered Fake Notes

No. of Cases

No. of Accused

Delhi

9.09 crore

66

42

Maharashtra

5.99 crore

192

171

Uttar Pradesh

5.11 crore

44

66

Gujarat

3.15 crore

87

41

Tamil Nadu

2.52 crore

74 27
 Andhra Pradesh 2.5 crore 117 168
Karnataka 1.52  31  2
Chandigarh

1.11 crore

0

0

TOTAL

(all states)

37.03 crore

896

873

Source: Union Home Ministry

(An edited verison appeared in Deccan Herald on Apr 4, 2015)

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