Four years after demonetization, the very best variety of all counterfeit notes seized in the last 12 months were of denomination ₹2,000, in accordance with the National Crime Records Bureau’s (NCRB) annual Crime in India report.
The knowledge on seizures of counterfeit notes from all of the States and Union Territories additionally exhibits that there is a surge in the seizure of pretend Indian forex notes in 2019 in comparison with 2018.
According to the NCRB, ₹25.39 crores in Fake Indian Currency Notes have been seized in 2019, in comparison with ₹ 17.95 crores 2018, displaying a rise of 11.7%.On November 8, 2016, when the federal government introduced the scrapping of previous ₹ 500 and ₹1000 notes, one of many causes attributed was wiping out pretend forex notes in circulation.
The authorities claimed that the ₹ 2,000 notes had a number of high-security features. According to the NCRB, 90,566 items of pretend ₹ 2,000 notes have been seized in 2019. The highest variety of seizures have been from Karnataka- 23,599, Gujarat- 14,494, and West Bengal- 13,637 items.
The Reserve Bank of India (RBI) Annual Report for 2019-20, launched on August 25, mentioned the RBI presses didn’t print even a single ₹2,000 observe final fiscal. There had been a gradual decline in items of ₹2,000 notes in circulation, from 3.6 billion items in 2017-18 to 2.73 billion items in 2019-20.
The NCRB report mentioned that 71,817 items of pretend ₹100 notes have been seized final 12 months. The greatest recoveries have been comprised of Delhi- 31,671 items, Gujarat- 16,159, and Uttar Pradesh- 6,129 items.
NIA specialized unit
In 2019, the National Investigation Agency (NIA) registered 14 circumstances, the place 13,459 items of ₹2,000 counterfeit notes had been seized. It additionally registered eight circumstances to probe restoration of pretend ₹500 notes. A specialized unit to research pretend forex notes was established within the NIA a few years in the past.
Though there was no particular account of the variety of pretend notes in circulation with the federal government when demonetization was introduced, a research accomplished by the Indian Statistical Institute, Kolkata, in 2015 mentioned that at any given level of time ₹ 400 crore value pretend forex notes have been in circulation.