Fake currency notes circulation is still a problem

Following the 2016 demonetisation, where the main goal was to abolish currency counterfeiting, the circulation of fake Indian currency notes (FICN) in the nation is still a concern.

The National Crime Control Bureau (NCRB) reported that since 2016 when the government demonetized the 1,000- and 500-rupee notes, FICN with a face value of 245.33 crores had been confiscated by law enforcement authorities all around the country.

In the 2021–22 fiscal year, the volume of counterfeit 500-rupee notes discovered by the banking system greater than doubled to 79,669 pieces, as reported by the RBI annual report, which was released in May 2022.

This news is written by Ms. Pujari Dharani, Research Assistant, All India Legal Forum.

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