UpdateBot at 14:55, 15 April 2022

2022-04-15T14:55:00Z

New page

{{short description|Currency Note}}
{{use dmy dates|date=November 2016}}
{{Use Indian English|date=November 2016}}
'''Fake Indian Currency Note''' '''(FICN)''' is a term used by officials and media to refer to [[Counterfeit money|counterfeit currency notes ]] circulated in the [[Indian economy]].<ref name = "TheHindu1">[http://www.thehindu.com/news/cities/Hyderabad/article3371555.ece "Labourers being used to smuggle Pakistan-printed FICNs to Hyderabad"]. ''The Hindu''. 1 May 2012.</ref> In 2012, while responding to a question in parliament, the Finance Minister, P. Chidambaram, admitted that there is no confirmed estimate of fake currency in India.<ref name = "thbl1">[http://www.thehindubusinessline.com/money-and-banking/rbi-plans-to-gradually-replace-rs-10-bank-notes-with-coins/article4126485.ece "RBI plans to gradually replace Rs. 10 bank notes with coins"]. ''The Hindu Business Line''. 23 November 2012.</ref> However, several central and state agencies are working together, and the Ministry of Home Affairs has constituted the Fake Indian Currency Notes Co-ordination Center (FCORD) to curb this menace.<ref name = "thbl1"/>

On 8 November 2016, Prime Minister of India, Mr. Narendra Modi announced that the hitherto existing 500 and 1000 rupee notes cease to be legal tender. He said that the move is taken to curb black money and widespread counterfeit currency in the country. He introduced new [[New 500 rupees note|₹500]] and [[Indian 2000-rupee note|₹2000]] notes, and discontinued the hitherto existing [[Indian 1000-rupee note|₹1000 note]].

==Background==
Although [[Counterfeit money|fake currency]] is being printed with precision, the [[Crime Investigation Department (India)|Crime Investigation Department]] (CID) says that they can be detected with some effort. Currency printed by local racketeers can be detected easily as they use the photographic method, hand engraved blocks, [[lithographic]] processes and computer colour scanning. In counterfeit notes, the [[watermark]] is made by using opaque ink, painting with white solution, stamping with a dye engraved with the picture of [[Mahatma Gandhi]]. Then oil, grease or wax is applied to give the picture a translucent feel. In genuine notes, the [[security thread]] is incorporated into the paper at the time of manufacture. But in fake notes, the security thread is imitated by drawing a line with a pencil, by printing a line with grey ink, or by using [[aluminium]] thread while pasting two thin sheets of paper. Forgers find it difficult to reproduce the same shape of individual numbers again and again with accuracy. The alignment of figures is also difficult to maintain. Spreading of ink, smaller or bigger number, inadequate gaps, and different alignments in numbers should be regarded with suspicion. In counterfeit notes, the printed lines will be broken and there may also be ink smudges.<ref>[http://despardes.com/wp/2009/08/19/tell-tale-signs-of-fake-currencies-in-hyderabad "Tell-tale signs of fake currencies in Hyderabad"]. Despardes. {{webarchive |url=https://web.archive.org/web/20141205132236/http://despardes.com/wp/2009/08/19/tell-tale-signs-of-fake-currencies-in-hyderabad |date=5 December 2014 }}</ref>
In recent times it has been reported that FICN match 10 out of 14 security parameters adopted by the [[Indian government]], with suggestions that the highest quality fakes could have only been produced by a nation state.<ref>[http://indiatoday.intoday.in/story/nia-fake-indian-currency-notes-pakistan/1/321768.html "Pakistan officially printing fake Indian currency notes"], 6 November 2013, http://indiatoday.intoday.in/</ref><ref name = "TheHindu1"/>

==Legal aspect==
According to [[Indian law]], possessing fake notes is a punishable offence, but only if the person in question is aware that the notes are fake.<ref name = "thbl2">[http://www.thehindubusinessline.com/industry-and-economy/economy/article2916907.ece "Mere possession of counterfeit notes does not amount to crime"]. ''The Hindu – Business Line''.</ref>

The Indian government intends to classify offences involving high-value FICN as terror acts, with an amendment to the [[Unlawful Activities (Prevention) Act]].<ref name="dna1">[http://www.dnaindia.com/india/report_counterfeiting-to-be-made-a-terrorist-crime_1630453 "Counterfeiting to be made a terrorist crime"]. DNA India. 27 December 2011.</ref>

==Terrorism==
Fake Indian notes are mainly used in terror related activities. The money mainly flows from Nepal,<ref>{{cite web|url=http://www.hindustantimes.com/india/rs-10-mn-fake-indian-currency-seized-in-nepal/story-qPloVweZTI85zVsnXGmPuK.html |title=Rs 10 mn fake Indian currency seized in Nepal | India |publisher=Hindustan Times |date=2016-04-08 |access-date=2016-11-20}}</ref><ref>{{cite web|url=http://indiatoday.intoday.in/story/nia-busts-nepal-linked-ficn-racket-arrests-kingpin-from-delhi/1/795303.html |title=NIA busts Nepal-linked FICN racket; arrests kingpin from Delhi : PTI feed, News - India Today |publisher=Indiatoday.intoday.in |date=2016-10-25 |access-date=2016-11-20}}</ref> Pakistan<ref>{{cite web|url=http://economictimes.indiatimes.com/news/defence/fake-currency-worth-rs-167-crore-seized-by-government-in-five-years-pakistan-a-big-contributor-to-it/articleshow/55355933.cms |title=Pakistan, the biggest contributor of fake Rs 500, Rs 1000 notes; PM Narendra Modi's historic move justified - The Economic Times |publisher=Economictimes.indiatimes.com |date=2016-11-10 |access-date=2016-11-20}}</ref> and Bangladesh.<ref>{{cite web|url=http://bdnews24.com/neighbours/2016/11/14/ban-on-rs-500-rs-1000-notes-big-blow-to-ficn-racketeers-of-india-bangladesh-border |title=Ban on Rs 500-Rs 1000 notes: Big blow to FICN racketeers of India-Bangladesh border |publisher=bdnews24.com |date=2016-11-14 |access-date=2016-11-20}}</ref><ref>{{cite web|url=http://indianexpress.com/article/india/india-news-india/rs-500-1000-ban-demonetisation-hits-fake-currency-trade-through-indo-bangla-border-4368974/ |title=Demonetisation hits fake currency trade through Indo-Bangla border |publisher=The Indian Express |date=2016-11-11 |access-date=2016-11-20}}</ref> The terrorists are using it to cripple the Indian economy and to create [[Economic terrorism|economic terror]].<ref>{{cite web|url=http://www.business-standard.com/article/economy-policy/economic-terror-forced-modi-to-abolish-rs-1-000-and-rs-500-notes-116110900424_1.html |title=Economic terror forced Modi to abolish Rs 1,000 notes | Business Standard News |publisher=Business-standard.com |access-date=2016-11-20}}</ref>

== See also ==
* [[Indian 500 and 1000 rupee note demonetisation]]

==References==
{{reflist}}

[[Category:Counterfeit money]]
[[Category:Banknotes of India]]
[[Category:Crime in India]]
[[Category:Finance in India]]

Fake Indian currency note - Revision history

UpdateBot at 14:55, 15 April 2022