Counterfeit currency notes have doubled after demonetization: NCRB

According to a report by National Crime Records, counterfeit Indian currency notes worth Rs 28.1 crore were seized in 2017 which is just double from the previous year’s mark of Rs 15.9 crore.

The report highlights that the new Rs 2000 note released after the November 2016 demonetization, accounted for Rs 14.97 crore of the currency seized in 2017.

The total number of notes confiscated by authorities was 3,55,994 -a rise of 26% from 2,81,839 seized in 2016. Among these there are 65,731 old Rs 1000 notes, 1,02,815 were old Rs 500 notes, 8,879 were new Rs 500 notes and 92,778 were Rs 100 notes.

With the announcement of demonetization on 8th November 2016, Prime Minister Narendra Modi had said that the move would help in fighting black money, corruption and terror funding. However, the NCRB said that the country’s bank received an all-time high amount of counterfeit currency. The report also adds that banks received an all-time high amount of counterfeit currency.

While talking to the news website The Print, an expert said that the reasons behind the rise of fake currency in India is that the government introduced new currency notes at different stages as well as the new colors.

On the other hand, N.R Bhanumurthy, Professor at the National Institute of Public Finance and Policy felt that it is a positive outcome of demonetization that people are now at least able to distinguish between fake notes from genuine ones.

Source: The Print