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A new numbering system and seven new security features will be incorporated in all currency notes, especially in high denomination Rs 1,000 and Rs 500 notes, in order to check the menace of Fake Indian Currency Notes (FICN).
The Bhartiya Reserve Bank Note Mudran Pvt Limited (BRBNMPL) and Security Printing and Minting Corporation of India Limited (SPMCIL) have initiated steps for introduction of the revised number pattern. Initially, it will be made part of Rs 1,000 and Rs 500 currency notes and, by May next year, currencies of all other denominations will have this feature, they said. Besides, the government has approved seven new security features, details of which are not yet known, in the bank notes
RBI has also asked the banks to stamp fake notes detected over the counter as "COUNTERFEIT NOTE" and impound them immediately. Banks found not following the procedure will be penalised. They have also been instructed to issue a receipt for counterfeit notes to the tenderer of the FICN.
As per the estimates, fake Indian currency notes of face value of Rs 30 crore have been seized. National Investigation Agency (NIA) has been made the nodal agency for FICN cases as the government treats this menace as ‘economic terrorism’.
Gujarat tops states with fake currency seizures: Gujarat tops the list of five Indian states that are considered the "safest" for circulating counterfeit currency notes - allegedly pushed in by Pakistan's Inter-Services Intelligence (ISI) agency - according to the latest data released by the National Crime Records Bureau (NCRB)
Of the 30,354,604 counterfeit notes seized across the country, 87, 47,820 were recovered from Gujarat in 2014. Chhattisgarh followed close on the heels with the seizure of 7,386,900 fake notes, while Andhra Pradesh, Punjab and Haryana saw recoveries of 5,437,600, 3,249,000 and 1,696,850 counterfeit notes.
Police officers monitoring the circulation of fake notes suspect that the ISI is pushing such notes in India which have a greater resemblance to India's high denomination Rs.1, 000 and Rs.500 notes.
Of the 30,354,604 counterfeit notes seized across the country, those in the Rs.1, 000 denominations was the highest at 19,895,000. The recovery of notes in the Rs.500, Rs.100 and Rs.50 denominations across India was 9,490,500; 938,800 and 25,000. However, the seizure of other fake Indian currency was a mere 5,304 pieces.
The NCRB data said that Chhattisgarh is the state from where highest 7,224,000 fake notes of Rs.1, 000 denominations were recovered.
Gujarat was on the second highest with the recovery of 2,441,000 notes of the same denomination, followed by Punjab (3,179,000 notes) and Andhra Pradesh (2,441,000 notes).
Indian intelligence agencies are worried that despite some traditional smuggling routes of Fake Indian Currency Notes (FICN) being neutralized, the flow has not slowed. The traditional route is the India-Pakistan border and several means are employed, including travel by road. Apart from the road and railway routes, the air route via Bangladesh, Nepal, Sri Lanka, Malaysia, Singapore, Thailand and the United Arab Emirates, as also China and Holland, are being used for smuggling in fake notes.
RBI has also asked the banks to stamp fake notes detected over the counter as "COUNTERFEIT NOTE" and impound them immediately. Banks found not following the procedure will be penalised. They have also been instructed to issue a receipt for counterfeit notes to the tenderer of the FICN.
As per the estimates, fake Indian currency notes of face value of Rs 30 crore have been seized. National Investigation Agency (NIA) has been made the nodal agency for FICN cases as the government treats this menace as ‘economic terrorism’.
Gujarat tops states with fake currency seizures: Gujarat tops the list of five Indian states that are considered the "safest" for circulating counterfeit currency notes - allegedly pushed in by Pakistan's Inter-Services Intelligence (ISI) agency - according to the latest data released by the National Crime Records Bureau (NCRB)
Of the 30,354,604 counterfeit notes seized across the country, 87, 47,820 were recovered from Gujarat in 2014. Chhattisgarh followed close on the heels with the seizure of 7,386,900 fake notes, while Andhra Pradesh, Punjab and Haryana saw recoveries of 5,437,600, 3,249,000 and 1,696,850 counterfeit notes.
Police officers monitoring the circulation of fake notes suspect that the ISI is pushing such notes in India which have a greater resemblance to India's high denomination Rs.1, 000 and Rs.500 notes.
Of the 30,354,604 counterfeit notes seized across the country, those in the Rs.1, 000 denominations was the highest at 19,895,000. The recovery of notes in the Rs.500, Rs.100 and Rs.50 denominations across India was 9,490,500; 938,800 and 25,000. However, the seizure of other fake Indian currency was a mere 5,304 pieces.
The NCRB data said that Chhattisgarh is the state from where highest 7,224,000 fake notes of Rs.1, 000 denominations were recovered.
Gujarat was on the second highest with the recovery of 2,441,000 notes of the same denomination, followed by Punjab (3,179,000 notes) and Andhra Pradesh (2,441,000 notes).
Indian intelligence agencies are worried that despite some traditional smuggling routes of Fake Indian Currency Notes (FICN) being neutralized, the flow has not slowed. The traditional route is the India-Pakistan border and several means are employed, including travel by road. Apart from the road and railway routes, the air route via Bangladesh, Nepal, Sri Lanka, Malaysia, Singapore, Thailand and the United Arab Emirates, as also China and Holland, are being used for smuggling in fake notes.
Published date : 07 Sep 2015 03:46PM
