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Funny Money: India’s Counterfeit Cash Problem Valued at $70Mln

© AFP 2023 / INDRANIL MUKHERJEEAn Indian employee looks for illegal Indian rupee currency notes at a bank in Mumbai on September 3, 2013
An Indian employee looks for illegal Indian rupee currency notes at a bank in Mumbai on September 3, 2013 - Sputnik International
India has $70 million worth of fake money in circulation at any given time. In a recent study by the Indian Statistical Institute, Kolkata, found that fake Indian currency notes worth around $10 million are introduced into the Indian market every year.

New Delhi (Sputnik) — Fake Indian currency notes have flooded the market. According to a study, one in every 4,000 notes in circulation in India is fake but Indian intelligence agencies are only able to intercept approximately one third of the fake notes.

Kolkata, the Indian Statistical Institute, has urged the government to take immediate remedial steps. 

Sources in the Home Ministry told Sputnik that the finger of suspicion points towards Pakistan being behind the counterfeit currency racket as the forensic analysis of paper, ink and other features matches those used for Pakistani legal tender.

"State actors are involved in the smuggling of fake currency in India. Pakistan is directly involved in the racket. Pakistani's intelligence agency, ISI, is the main source of the circulation of counterfeit currency in India. Their main objective is to provide financial help to those terrorists and separatists who are working at the behest of ISI, apart from that Pakistan also wants to destabilize the Indian economy. It's high time that the government takes measures," former Director General of Police, Prakash Singh told Sputnik.

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Fake currency is being dumped into India from Jammu and Kashmir and through Nepal. But more recently, the counterfeiters have found a new route via Bangladesh, as more seizures have been reported in the North-Eastern Indian states and Eastern India.

There has been a consistent rise in the number of fake currency cases. According to the data presented in the Indian Parliament, 0.63 million counterfeit notes were removed from circulation in the financial year 2015-16, which is up from 0.59 million in 2014-15.

The Indian government is planning to put in place fool-proof measures to curb the menace of counterfeit currency. According to Home Ministry sources, the Terror Funding and Fake Currency Cell of the National Investigation Agency has been mandated to suggest measures to get rid of the problem.   

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