Decrease in circulation of fake 2000 notes from 2018-19: Centre to Lok Sabha

Updated on Aug 02, 2022 10:53 AM IST

In 2018, a total of 54,776 fake ₹2000 currency notes were seized and 90,556 were seized in 2019, the ministry said citing the National Crime Records Bureau (NCRB) data

In 2018, a total of 54,776 fake <span class='webrupee'>₹</span>2000 currency notes were seized. (File image)
In 2018, a total of 54,776 fake 2000 currency notes were seized. (File image)

The circulation of fake 2000 denomination currency notes has decreased in the banking system from 2018-19, the Union ministry of finance on Monday told Lok Sabha.

It also added that there was an increasing trend in the number of fake currency notes seized between 2018 and 2020.

“In 2021-22, the number of fake currency notes of 2000 denomination detected in the banking system was 13,604 pieces which is 0.000635% of the total number of banknotes of 2000 denomination in circulation,” the union minister of state for finance Pankaj Chaudhary said.

He was responding to BJP MP Ranjanben Dhananjay Bhatt on whether there is an increase in the number of fake currency notes of 2000 denomination and steps taken to curb these incidents.

Also Read: RBI fake currency report spurs Derek O’Brien’s demonetisation swipe at PM Modi

In 2018, a total of 54,776 fake 2000 currency notes were seized and 90,556 were seized in 2019, the ministry said citing the National Crime Records Bureau (NCRB) data.

With a sharp jump, 2,44,834 fake currency notes were seized.

Over 90% of the counterfeit notes were found to be of low quality, however, they have all the major security features of Indian currency.

The ministry further said a number of actions have been taken to check the circulation of fake currency notes.

The National Investigation Agency (NIA) investigates the high-quality Fake Indian Currency Notes (FICN) and shares intelligence among different security agencies in states and the Centre with the help of the FICN Coordination Group (FCORD).

NIA also investigates terror funding cases using fake currency notes and formed a Terror Funding and Fake Currency (TFFC) cell.

“A Joint Task Force is functioning between India and Bangladesh for building trust and cooperation for exchange of information and analysis of smugglers of FICN. A Memorandum of Understanding (MoU) has been signed between Indian and Bangladesh to prevent and counter smuggling and circulation of fake currency notes,” the ministry said.

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