New Indian currency notes to clamp down on Pak’s fake currency racket | india-news | Hindustan Times
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New Indian currency notes to clamp down on Pak’s fake currency racket

The new currency notes come with tighter security features that government sources believe Pakistan would not be able to replicate easily.

india Updated: Nov 11, 2016 01:18 IST
Rajesh Ahuja
An Indian man displays new 2000 rupee notes outside the Reserve Bank of India (RBI) in Mumbai.
An Indian man displays new 2000 rupee notes outside the Reserve Bank of India (RBI) in Mumbai.(AFP Photo)

Prime Minister Narendra Modi’s decision to scrap high-value rupee notes has not only clamped down on black money but also demolished Pakistan’s efforts to pump in fake currency into India.

The new currency notes come with tighter security features that government sources believe Pakistan would not be able to replicate easily.

Fake Indian currency notes seized between 2011 and 2015. (HT Graphics)

Investigation by the National Investigation Agency (NIA) into various Fake India Currency Notes (FICNs) rackets busted has provided evidence of Pakistan’s role. A study estimated that fake currency worth `70 crore enters India every year. The Indian Statistical Institute (ISI) estimated that overall there are 250 fake notes in around 10 lakh pieces.

A panel constituted by the Security Printing and Minting Corporation of India Limited (SPMCIL) had told the NIA that the numbering box in the FICNs was unique as it was manufactured by only two companies – ‘Atlantic 2 Asia’ and ‘Leibenger’. Besides a special printing machine called ‘Numerata’ is used to print to these numbers.

The experts said Pakistan was also using same numbering box in its currency notes with similar fonts. “Numerata is a very costly machine which be afforded by only sovereign states only,” said an investigator. An ISI study pegged the quantum of counterfeit currency circulating in the nation at `400 crore at any time.

“We have shut the Pakistani shop of fake Indian currency,” said MOS home Kiren Rijiju.