National

Fewer fake currency notes seized in 2018 compared to 2017

The number of seized counterfeit currency notes and the cumulative face value of these notes declined from 2015 to 2019 (Up to 18/6/2019. Data given for January to December of each year), according to an answer given during the Lok Sabha Question Hour.

Delhi accounted for the highest quantum of fake currency notes seized between 2015 and 2019. The ₹500 note is the most counterfeited note in terms of numbers.

Decline across the board

The year 2017 (after demonetisation) saw a dip in the number of fake currency notes but an upsurge in the face value of notes seized. Consequently, the number of First Information Reports against those in possession of fake currency also declined. Damage to the monetary stability of India by way of production or smuggling or circulation of high quality counterfeit currency is a terrorist offence, the maximum punishment for which is life imprisonment.

image/svg+xml 1,500 1,000 500 0 2015 2016 2017 2018 2019 No. of notes seized (’000s) Face value (₹ cr.), right axis 30 20 10 0
 

 

Fake currency hotspots

Apart from the national capital, Gujarat and West Bengal registered the highest quantum of fake currency seized in the past five years.

Though Gujarat topped the cumulative list, it registered a huge decline (86.31%) in the value of fake currency notes seized in 2018 compared to 2017.

Odisha (-96%) and Punjab (-86%) were the other big States to see a decline. Tamil Nadu (505%), Rajasthan (287%) and Karnataka (223%) registered the biggest increases in 2018 from 2017.

image/svg+xml Face value of seized currency, 2015-2019 (₹ cr.) 0 10.8 21.6 Gujarat 15 cr. Maharashtra ₹7.8 cr. West Bengal 11.6 cr. Uttar Pradesh 6.1cr. Delhi ₹21.6 cr. Tamil Nadu 4.7 cr.
 

₹2,000 notes catch up

Fake ₹1,000 notes continued to be seized post-demonetisation, and accounted for the second-highest number of counterfeit notes in five years after the 500s. The number and face value of fake ₹2,000s seized were high despite being introduced later.

 

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Printable version | Feb 27, 2020 2:02:45 AM | https://www.thehindu.com/news/national/fewer-fake-currency-notes-seized-in-2018-compared-to-2017/article28340595.ece

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