Fake currency of ₹17.82 crore recovered, seven arrested

NEWS

• Regarding the Fake Currency circulation in the country.

• Few facts related to it –
the measures taken by the
Government.

Fake Indian Currency note

• Refer to counterfeit currency notes circulated in the Indian economy.

Reserve Bank of India’s annual report for 2020-21

• Overall FICNs in circulation – decreased as compared to
the previous year.

• Fake banknotes of Rs. 500 denomination increased.
Increase of 31.3 per cent – compared to previous year.

• Decline in counterfeit notes detected in other denominations.

• Total of 2.09 lakh fake banknotes of all denominations were detected – significantly down from 2.97 lakh fake notes
detected during 2019-20.

MEASURES Taken BY THE
GOVERNMENT

• Terror Funding and Fake Currency

  • constituted in the National
    Investigation Agency.
    Conducts focused investigation
    of terror funding and fake
    currency cases.
  • • In 2018 – advisory on terror
    financing – issued to States/
    Union Territories.

• In 2019 – Guidelines issued – to States/ Union
Territories – investigation of cases of high
quality counterfeit Indian currency notes.

• Training programmes – conducted for the State
Police personnel.
 Fake Indian Currency Notes – source of Terror
Financing •

FICN Coordination Group – Ministry of Home
Affairs – share intelligence information among the
security agencies of the states/centre.
 Helps in countering the problem of circulation of
fake currency notes
• Government has Strengthened the provisions
in the Unlawful Activities (Prevention) Act,

  1. • Assists in combating terror financing by
    criminalizing – circulation of high quality
    fake Indian currency as a terrorist act.
     Allows takeover of any property that
    are used for terrorism
    • Increased security at the international
    borders – to ensure no external forces
    disturb the internal security