There has been a decrease in the circulation of fake Indian notes in the country after demonetization. Finance Minister Nirmala Sitharaman has given this information in the Lok Sabha.
She said that the data of the Reserve Bank of India and the date of seizure of fake notes (FICN) by the national agencies and the police of the states have shown this.
FAKE NOTES ARE STILL COMING FROM BANGLADESH
In response to questions of MP Khagen Murmu and Vinod Sonkar in the Lok Sabha, the Finance Minister said, “West Bengal Police has said that fake currency notes continue to flow from the Indo-Bangladesh border. Especially in the Malda region.
Justifying the ban on notes on November 8th, 2016, by the Modi government, the Finance Minister said, “By the beginning of 2019, the seizure of high-quality fake notes of 2000 or 500 has not been done. There has been no damage done so far.
She also said that the government has taken several steps to prevent trafficking and circulation of fake Indian notes in the country.
FAKE INDIAN CURRENCY NOTES COORDINATION GROUP (FCORD) SET UP
Nirmala Sitharaman said that the Ministry of Home Affairs has created a Fake Indian Currency Notes Coordination Group (FCORD) so that intelligence and information can be shared with the security agencies of the Center and the state.
She also said that “According to the agencies report, many such examples have been reported, when fake notes have come from neighboring currency through smuggling.”
Similarly, they created a Terror Funding and Fake Currency Cell (TFFC) in the National Investigation Agency (NIA) to see cases of terror funding and counterfeit notes.
It is worth mentioning that according to the data of RBI, during the financial year 2017-18, they detected 5.22 lakh fake notes. This is 31.4 percent less than the year 2016-17 (the year they announced the ban).
The Banks identified about 3.34 lakh notes while the remaining notes have been identified by the Reserve Bank. In the year 2017-18, the identity of fake notes of 2000 increased by 28x to 17,929.