fake currency in india

Fake Currency in India



April 24, 2024

  • Government and Media used a term FICN (Fake Indian Currency Note) refer to counterfeit currency notes circulated in the Indian Economy.
  • Ministry of Home Affairs has constituted the Fake Indian Currency Notes Co-ordination Center (FCORD) for better coodintation with several central and state government agencies.
  • According to Government Declaration there have no confirmend estimate of fake currency in India.
  • Fake currency mainly flows from Pakisthan, Bangladesh, Nepal.
  • According to Law in India fake currency possesing is punishable offence, but only if the persn in question is aware that the notes are fake.
  • According to Unawful Activities (Prevention) Act Amendment high value Fake currency will be treated as terror acts.
  • According to reports, people’s cautiousness about higher denomination notes is why Fake currency racketeers shift their focus from higher denomination to lower denomination.
  • Several reports have claimed that due to people being cautious about the higher denomination notes, those running a racket of counterfeit notes have shifted their focus on circulated the lower denomination notes like Rs 100 and Rs 50.
  • Accroding to Indian Penal Code (IPC) Sections 489 A To 489 D to hold or Circulate such notes are Punishable Offense.