Move of pretend foreign money notes continues to pose venture

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| Photograph Credit score: H.S. Manjunath

Move of Faux Indian Foreign money Notes (FICN) within the nation continues to pose a venture even after the 2016 demonetisation, whose one of the vital key targets used to be to remove counterfeiting of notes.

In step with file of the Nationwide Crime Regulate Bureau (NCRB), FICN with the face worth of ₹245.33 crore has been seized via the regulation enforcement companies around the nation since 2016 — the 12 months the Centre demonetised ₹1,000 and ₹500 notes.

Additionally learn:Foreign money in flow rises via 83% since demonetisation in 2016

The absolute best quantity of FICN with the face worth of ₹92.17 crore used to be seized in 2020 whilst the bottom with the face worth of ₹15.92 crore used to be seized in 2016.

In 2021, FICN of ₹20.39 crore face worth used to be seized within the nation, of ₹34.79 crore in 2019, ₹26.35 crore in 2018 and ₹55.71 crore in 2017, the NCRB information confirmed.

In step with the RBI annual file, printed in Might 2022, the selection of faux foreign money notes of 500 denomination detected via the banking gadget greater than doubled to 79,669 items in 2021-22 fiscal over the former 12 months.

The selection of counterfeit notes of two,000 denomination detected within the gadget used to be 13,604 items all over 2021-22, up 54.6% from the previous monetary 12 months.

After declining in 2020-21, the overall selection of FICN of all denominations detected within the banking sector higher to two,30,971 items from 2,08,625 items within the earlier fiscal.

All through 2019-20, the selection of FICN stood at 2,96,695 items.

“In comparison to the former 12 months, there used to be an build up of 16.4 according to cent, 16.5 according to cent, 11.7 according to cent, 101.9 according to cent and 54.6 according to cent within the counterfeit notes detected within the denominations of Rs 10, Rs 20, Rs 200, Rs 500 (new design) and Rs 2,000, respectively,” mentioned the RBI’s annual file for 2021-22.

The counterfeit notes detected within the denominations of ₹50 and ₹100 declined via 28.7% and 16.7%, respectively.

All through 2021-22, out of the overall FICN detected within the banking sector, 6.9% used to be detected on the Reserve Financial institution and 93.1% at different banks, the RBI file mentioned.

Some of the main targets of the 2016 demonetisation of the then prevailing ₹500 and ₹1,000 notes used to be to curb flow of pretend foreign money notes.

On November 8, 2016, High Minister Narendra Modi had introduced that ₹500 and ₹1,000 notes would stop to be felony soft in India from that middle of the night. Modi had mentioned that the verdict have been taken to “struggle corruption, black cash and terrorism”.

The ₹2,000 notes and ₹500 notes with a brand new design have been offered after demonetisation.