Nearly 60% of fake money seized in 2021 were of ₹2,000 denomination: NCRB

Source: The post is based on the article “Nearly 60% of fake money seized in 2021 were of ₹2,000 denomination: NCRB” published in The Hindu on 31st August 2022.

What is the News?

National Crime Records Bureau (NCRB) has released a report titled “Crime in India 2021 report”.

What does this report say about fake money circulation?

Source: The Hindu

Fake Money: Nearly 60% of all fake money seized in the year 2021 was of ₹2,000 denomination.

– Most of the fake Rs 2,000 notes were recovered in Tamil Nadu, followed by Kerala and Andhra Pradesh.

Increase in the seizure of fake money: In 2016, the Government introduced new ₹2,000 and ₹500 currency notes after the old ₹500 and ₹1,000 notes were scrapped by them.

– One of the primary objectives of this was to curb the circulation of Fake Indian Currency Notes (FICN).

– However, since 2016 there has been an increase in the seizure of fake money.

What are the steps taken by the government to curb fake currency?

Counterfeiting currency notes is an offense under the Indian Penal Code,1860. Further, the production, smuggling, or circulation of High-Quality Fake Indian paper currency, coins, or any other material has been made a terrorist act under the Unlawful Activities (Prevention) Act, 1967.

Ministry of Home Affairs has constituted a Terror Funding and Fake Currency Cell in the National Investigation Agency(NIA) to conduct a focussed investigation of terror funding and fake currency cases. 

FICN Coordination Group(FCORD) has been formed by the Ministry of Home Affairs (MHA). It shares intelligence/information amongst the different security agencies of the States/centers to counter the problem of circulation of fake currency notes in the country.

Training programs are conducted for the officers of Bangladesh and Nepal Police to develop their competence in the areas of detection, investigation, and effective prosecution of cases relating to fake currency.