Fake Rs 100 notes back in circulation

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Follow us:WhatsappFacebookTwitterTelegram.cls-1{fill:#4d4d4d;}.cls-2{fill:#fff;}Google NewsFake Rs 100 notes are back in circulation in the market, which is already inundated with Rs 500 and Rs 1000 counterfeit notes.Sources involved in the Fake Indian Currency Note (FICN) racket told Express, “The latest fake Rs 100 note is so good that it is not possible to identify them. With the security features of Indian notes very weak, especially the paper quality and the fibre optics, it is very easy to replicate them.”“According to sources, every year, more than Rs 2,500 crore worth FICN is pumped into India. “This year, between the months of January-March, Rs 300-400 crore has already been pushed into India. Usually every month, Rs 200-250 crore is sent through a network of couriers,” said the source.However, intelligence sources familiar with the operations told Express that the quantum of fake notes being pumped is not in the range indicated.While acknowledging the scale of operations, the source, however, admitted that it was difficult to say anything conclusively.The counterfeiters boast of an accuracy of 90 per cent and said it has now risen to 99 per cent, making it easier for the conduits to introduce it into various channels of circulation. “With the conviction rate being just two per cent and lack of any deterrent punishment, many local people become courier suppliers in their greed for more money,” said a source, who is no longer involved in such deals.“Once, the commission given by couriers for every transaction of fake money was just 30 per cent but recently they have hiked it to 100 per cent and this is what tempts local people to get involved not realising the serious consequences,” added the source on conditions of anonymity.Large amounts of fake money concealed in ship containers came to India through Sri Lanka, Bangladesh and Nepal from both Pakistan and Dubai.Denying intelligence reports that FICN was printed only in Dubai, counterfeiting sources said that even today 50 per cent of counterfeit notes are coming from Pakistan and not just Dubai.Without the support of Hawala transactors, drug peddlers, underworld dons and some ‘groups’ of people, it is not possible to introduce fake note in the market.“With no police expertise available unlike in the cyber crime cases and intelligence departments not pursuing the cases properly, it is very easy for the conduits and agents who are mostly Sri Lankan Tamilians and expatriate Keralites to pump in and circulate fake money in India on a continuing basis.”first published:January 01, 1970, 05:30 ISTlast updated:January 01, 1970, 05:30 IST
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Fake Rs 100 notes are back in circulation in the market, which is already inundated with Rs 500 and Rs 1000 counterfeit notes.

Sources involved in the Fake Indian Currency Note (FICN) racket told Express, “The latest fake Rs 100 note is so good that it is not possible to identify them. With the security features of Indian notes very weak, especially the paper quality and the fibre optics, it is very easy to replicate them.”

“According to sources, every year, more than Rs 2,500 crore worth FICN is pumped into India. “This year, between the months of January-March, Rs 300-400 crore has already been pushed into India. Usually every month, Rs 200-250 crore is sent through a network of couriers,” said the source.

However, intelligence sources familiar with the operations told Express that the quantum of fake notes being pumped is not in the range indicated.

While acknowledging the scale of operations, the source, however, admitted that it was difficult to say anything conclusively.

The counterfeiters boast of an accuracy of 90 per cent and said it has now risen to 99 per cent, making it easier for the conduits to introduce it into various channels of circulation. “With the conviction rate being just two per cent and lack of any deterrent punishment, many local people become courier suppliers in their greed for more money,” said a source, who is no longer involved in such deals.

“Once, the commission given by couriers for every transaction of fake money was just 30 per cent but recently they have hiked it to 100 per cent and this is what tempts local people to get involved not realising the serious consequences,” added the source on conditions of anonymity.

Large amounts of fake money concealed in ship containers came to India through Sri Lanka, Bangladesh and Nepal from both Pakistan and Dubai.

Denying intelligence reports that FICN was printed only in Dubai, counterfeiting sources said that even today 50 per cent of counterfeit notes are coming from Pakistan and not just Dubai.

Without the support of Hawala transactors, drug peddlers, underworld dons and some ‘groups’ of people, it is not possible to introduce fake note in the market.

“With no police expertise available unlike in the cyber crime cases and intelligence departments not pursuing the cases properly, it is very easy for the conduits and agents who are mostly Sri Lankan Tamilians and expatriate Keralites to pump in and circulate fake money in India on a continuing basis.”