Fake currency poses a serious threat to country’s economy: Delhi high court

The Delhi high court said the circulation of fake currency causes a severe threat to the economy of the country, thus being detrimental to the financial regulation of currency in the country

Circulating fake currency poses a serious threat to the country’s economy and undermines financial regulation, the Delhi high court has held while denying bail to a man accused of circulating fake Indian currency notes (FCIN) and US dollars.

The Delhi high court. (File Photo)

Justice Shalinder Kaur delivered her July 16 verdict, released on Thursday, while dealing with Shoib Malik’s plea against city court’s March 20 order denying him bail.

The Delhi police special cell had named Malik as a co-accused in the first information report (FIR) registered under various sections of the Indian Penal Code (IPC), including 489A (counterfeiting currency notes), 489D (making or possessing instruments for forging or counterfeiting notes), and 120B (criminal conspiracy). The cops had alleged that Malik was a part of a larger syndicate involved in circulation and printing of fake Indian currency notes.

In his petition, Malik had claimed that the cops did not have evidence to prove possession of the FCIN or his connection with the offence. He further submitted that he had already undergone more than 2 years of custody and no purpose would be served by keeping him in jail.

Agreeing with cops’ submissions, justice Kaur held, “The present case raises a grave concern regarding the involvement of the petitioner along with co-accused persons to print, distribute and circulate not only FICNs but US dollars, as well. Indeed, the circulation of fake currency causes a severe threat to the economy of the country, thus being detrimental to the financial regulation of currency in the country.”

The judge held that such kinds of offences also fuel other illegal activities like drug smuggling, arms trafficking, money laundering, and human trafficking.

“Moreover, such kind of offence further facilitates other illegal activities such as smuggling of drugs, purchase of illegal arms and ammunitions, cross-border money laundering, human trafficking etc. The purpose to enact the provision of Sections 498A, 489B, 489C, 489D and 489E of the Indian Penal Code, 1860, (now Sections 178, 179, 180, 181 and 182 of the Bharatiya Nyaya Sanhita, 2023) is to safeguard the economy of the country and such illegal activities which destabilises the economy,” the court maintained.