Fake currency with Rs 92.18 Cr face value seized in 2020-21, highest since 2017

National Crime Records Bureau (NCRB) has revealed that fake currency with a face value of Rs 92.18 crore was seized in 2020.

This is 30.4% more than in 2017. Law enforcement authorities seized fake currency with a face value of Rs 28.10 crores in 2017

As per RBI, the value of counterfeit notes detected in the banking system has reduced from Rs 43.47 crores in 2016-17 to Rs 8.26 crores in 2021-22. In 2020, Rs 5.45 crores were detected by the RBI in the banking system.

Number of fake currency notes in 2000 denomination

The number of fake currency notes seized in the country as per NCRB data has increased between 2016 and 2020. The number of fake currency notes in 2000 domination that has been seized has increased by 10,676% from 2016 to 2020.

In 2016, 2,272 notes were seized. In 2020, 2,44,834 notes have been seized.

Agencies have reported that some of the fake currency has been smuggled from neighboring countries. While notes seized by different law enforcement agencies have gone up, there is a discernable trend of a reduction in the number of counterfeit notes detected in the banking system.

To contain the circulation of Fake Indian Currency Notes (FICN), the center enacted the Unlawful Activities (Prevention) Act, 1967. National Investigation Agency (NIA) is the nodal agency for investigation.

The government constituted an FICN Coordination Group (FCORD) to share intelligence/information among the security agencies of the States/Centre and constituted a Terror Funding and Fake Currency (TFFC) Cell in the NIA to conduct a focused investigation of terror funding and fake currency cases.

Further, a Joint Task Force is functioning between India and Bangladesh for building trust and cooperation for the exchange of information and analysis of smugglers of FICN. A Memorandum of Understanding (MoU) has been signed between Indian and Bangladesh to prevent and counter the smuggling and circulation of fake currency notes.

Reserve Bank of India had issued banknotes in all denominations in Mahatma Gandhi Series – 2005, with a new exploding numbering pattern in 2015. With these visible security features, the general public can easily distinguish a counterfeit note from a genuine one. Details of the security features of these notes are displayed on the RBI website for the general public.