Bangladesh Coming Up As the Next Big Producers of Fake Indian Currency

fake currency

Bangladesh is emerging as the next biggest source of fake currency entering India; replacing Pakistan.

According to data of Border Security Force (BSF), Bangladesh is leading in the production and smuggling of fake Indian currency of Rs.2000. BSF seized fake notes of worth Rs. 32 lakhs in the first half of 2017, which is still lesser than the fake notes seized in 2016 when the currency consisted of Rs. 500 and Rs. 1000 notes.

A report by PTI says that in 2016, about 762,072 pieces of fake notes were detected in the banking system, with a 20.4 % rise in comparison to the previous year. BSF had seized Rs. 2.6 crore in 2015 and Rs. 1.5 crore in 2016 from Guwahati and south Bengal frontiers.

“Counterfeiters have started using offset printing machines to produce fake currency notes,” said a senior BSF official. It is also expected that counterfeit notes produced in Bangladesh and Pakistan enter India through 13 border routes in states such as Assam, Gujarat, Jammu, Punjab, Meghalaya, Rajasthan and West Bengal.

The flow of fake notes has increased this year in the South Bengal and Guwahati frontiers. The worth of seized currency in 2017 was Rs.1 lakh in January, Rs. 2.96 lakh in February, Rs. 4.60 lakh in March, and escalated to Rs. 20 lakh in April and reduced to Rs. 6.98 lakh in May owing to the high flow of rivers in the monsoons and floods in Assam.