No high quality fake notes recovered since demonetisation, Meghwal says | business-news | Hindustan Times
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No high quality fake notes recovered since demonetisation, Meghwal says

Minister of State for Finance Arjun Ram Meghwal said the government has been taking a host of steps, including setting up of a special cell in the Home Ministry, to deal with the menace of fake Indian currency notes.

business Updated: Mar 29, 2017 07:35 IST
Minister of state for finance Arjun Ram Meghwal and finance minister Arun Jaitley.
Minister of state for finance Arjun Ram Meghwal and finance minister Arun Jaitley.(HT photo)

No ‘high quality’ fake currency notes have been recovered post demonetisation, although some scanned or photocopied notes were seized by BSF and NIA at the Indo-Bangladesh border, Parliament was informed today.

Minister of State for Finance Arjun Ram Meghwal said the government has been taking a host of steps, including setting up of a special cell in the Home Ministry, to deal with the menace of FICN (Fake Indian Currency Notes).

In a written reply to the Rajya Sabha, Meghwal said: “No high quality FICN has been recovered post demonetisation.”

The government had scrapped old currency of Rs 500 and Rs 1,000 on November 8, and replaced them with new Rs 500 and Rs 2,000 notes.

As regards seizure of FICN of 2,000 denomination by BSF and NIA on the Indo-Bangladesh border, Meghwal said: “The forensic lab had reported the use of stamp paper in printing these notes. These notes have been scanned/photocopied. Examination of the specific parameters reveals that the notes are of low quality.”

The government on its part, he added, has taken various measures to combat terror funding and check smuggling and circulation of fake notes.

These initiatives including setting up of a special Combating Financing of Terrorism (CFT) cell in the Home Ministry of coordinate with the central intelligence/ enforcement agencies and state law enforcement agencies for an integrated approach to tackle the problem.

Also, he added, a Terror Funding and Fake Currency Cell (TFFC) has been constituted in the NIA (National Investigation Agency) to investigate terror funding and fake currency cases.

In addition, he said, a memorandum of understanding was signed between Indian and Bangladesh to prevent and counter smuggling of fake notes into the country.

Replying to another question on the same subject, the minister said that new design banknotes in the Mahatma Gandhi (New) series have been introduced in the denomination of Rs 500 and Rs 2,000 to check counterfeiting.

“Incorporating new security features/new designs in the bank notes to stay ahead of the counterfeiters is an ongoing process,” said Meghwal, adding that the new series notes will also be introduced in notes of other denominations in due course.