56% Of All Fake Currency Notes Are Rs 2000; Gujarat #1 State In Fake Currency Note Circulation!
As per the latest reports of the National Crime Records Bureau (NCRB), in terms of value, Rs 2,000 banknotes comprised 56 percent of all fake currency seized in India after demonetization (i.e. in 2017 and 2018).
How Did This Happen?
On November 8, 2016, when Prime Minister Narendra Modi announced the Demonetisation of Rs 500 and Rs 1000 currency notes, it seemed like a masterstroke.
They said that the newly introduced Rs 500 and Rs 2,000 notes were said to have additional security features which would make them difficult to be copied by counterfeiters, hence check the menace of fake currency.
Some thought that the problem is solved but the business of fake currency is still booming.
But the government’s own data Bringing embarrassment has shown that overcoming these security barriers isn’t a difficult task for those in the game.
As per the reports, the fake Rs 2,000 notes contribute the most towards the overall value of seized counterfeit currency in India. In 2017, their share was 53.3 percent and this increased to 61.01 percent in 2018.
According to the NCRB’s latest annual report titled ‘Crime in India’ reveals that in 2017 and 2018, law enforcement agencies seized Fake India Currency Note (FICN) worth Rs 46.06 crore.
Where Did They Seize These Currencies?
The interesting part is, most of the fake currency has been seized from the state of Gujarat.
The law enforcement agencies had seized 34,680 fake Rs 2,000 notes from Gujarat by the end of 2018 and their collective worth was Rs 6.93 crore.
How Did Demonetisation Affect The Country?
With this move, the country was forced into a cash-crunch situation with the government accepting all the cash saved with people and releasing only a limited amount to the public.
Also the new denominations of Rs 500 and Rs 2000 have been introduced overnight without the government keenly working on its unique features that would avoid counterfeiting these denominations.
Only three years after, since the introduction of new denomination of Rs 2000, the government’s recent data reveals overcoming these minor security barriers made by the ruling government was not that difficult to break, in fact, counterfeiting these denominations printing is just a field’s day work.
“Have you ever thought about how these terrorists get their money? Enemies from across the border run their operations using fake currency notes. This has been going on for years,” had told PM while announcing the historic announcement also sending the nation into deeper slumber with now 56 percent of fake currency seized post demonetization in India are of Rs 2000 value.