Question : Fake Currency

(a) Whether fake currency is still in the market even after demonetization and if so, the details thereof;

(b) the details of fake currency cases and the amount of fake currency recovered therein by the Government/ Security Intelligence Agency of the Directorate of Revenue during the last five years and the current year after demonetization;

(c) The details of action taken against those found involved in fake currency business during the said period; and

(d) Whether it is possible to completely curb circulation of fake currencies and if so, the details thereof?

MINISTER OF STATE IN THE MINISTRY OF FINANCE

(a) & (b): After demonetization, the details of seizer of Fake Indian Currency Notes (FICNs) in the cases investigated by the National Investigation Agency (NIA) are as under:

Year No. of Cases Total Face value of FICN (in Rs.)

2017 02 4,5348,000
2018 10 45,39,000
2019 14 2,74,67,800
2020 08 61, 94, 500
2021 01 46,00,000

Further, The Directorate of Enforcement under the Department of Revenue has registered 03 cases under the prevention of Money Laundering Act, 2002 with regard to seizure of fake currency amounting to Rs. 5.74 Crore.

(c): In the 35 cases, investigated by the NIA, total 135 accused persons have been arrested and charge sheeted. Out of 135, 38 persons have been convicted and rest 97 accused persons are currently facing trial.

(d): To curb the menace of circulation of fake currencies, RBI, in consultation with Government, initiates process for introduction of new security features/new designs in Indian Bank Notes. Further, RBI issues various instructions to banks on measures to safeguard against forged notes.RBI regularly conducts training programmes on detection of counterfeit notes for employees/officers of banks and other organisations handling large amount of cash. RBI on April 1, 2021 has issued an updated Master Circular for the public on detection and reporting of counterfeit notes for wider dissemination of systems and procedures to be followed on detection of counterfeit notes.
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