As per most recent National Crime Records Bureau (NCRB) report, 56 per cent of fake notes seized in India after demonetization is of Rs. 2000 denomination.
NCRB’s most recent yearly report uncovers that in 2017 and 2018, law enforcement agencies seized onto Fake Indian Currency Notes (FICN) adding up to Rs 46.06 crore.
According to the report, the fake Rs 2,000 notes contribute the most towards the general estimation of held onto counterfeit Indian money notes. In 2017, it was 53.3 per cent and expanded to 61.01 per cent in 2018.
Then, the vast majority of the phoney cash has been seized from the territory of Gujarat. The law implementation organizations had held onto 34,680 fake Rs. 2,000 money notes from Gujarat before the end of 2018. It was trailed by West Bengal, Tamil Nadu and Uttar Pradesh where counterfeit Rs. 2000 cash notes worth Rs. 3.5 crore, Rs. 2.8 crore and Rs. 2.6 crore were seized respectively.
On his November 8, 2016 discourse, while declaring demonetisation and presenting new banknotes, Prime Minister Narendra Modi had communicated high expectations that his intense and notable choice would help to fight currency rackets, black money and corruption.
However, rather than these high expectations, NCRB record shows that phoney variations of the recently presented Rs 2,000 notes were accessible in the market days after the declaration.
The first source is NCRB’s Crime in India report and the second source is the Reserve Bank of India’s annual report, where it was mentioned the number of counterfeit currency that was traced through the banking system. The RBI figures are lower than those recorded in NCRB reports. NCRB record is based on the seizure of fake currency by law enforcing agencies while RBI data are based on the fake currency that entered the official banking system and was detected.
It seems that the promises and expectation of the government which were made while introducing demonetisation haven’t met the slightest; especially in terms of curbing the circulation of fake currency around the country.
The RBI reports indicate that banks found 638 fake notes of 2000 dominion, between November 9, 2016, to March 31 2017, which is precisely right after demonetisation was introduced in the country, or should we call it a ‘futile demonetisation’.
The report released by NCRB in 2017 showed doubling of the number of notes seized since demonetisation.
The total number of fake notes seized were 3,55,994, a 26 per cent rise from 2016, when 2,81,839 fake notes were seized. Of these, there were 65,731 old Rs 1,000 notes, 1,02,815 were old Rs 500 notes, 8,879 were new Rs 500 notes and 92,778 were Rs 100 notes.
In this case, Gujarat was at the top as well, which hasn’t changed till date. Noting that Gujarat is the home state of Prime Minister Narendra Modi, it points out towards a lot of mistakes and blunders that were a result of the actions of the NDA government.
