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Showing posts from February, 2017

How Demonetisation has Abetted the Fake Currency Racket

On November 8, 2016, when the Prime Minister Narendra Modi announced the withdrawal of the legal tender of currency notes of denominations of Rs 500 and Rs 1000- he claimed that this exercise would prevent the funding of terrorism by the use of fake notes. Substantial part of his speech emphasized that the aim of this decision was to end the circulation of fake notes and thereby curb terror funding.  Barely two months down the line, it has now emerged that this bogey of Shri Modi, which the common man believed and stood in long queues for is a big fat lie. As per various media reports and recent arrests, it has now surfaced that Pakistan-based counterfeiters have come out with fake Rs 2000 notes which were pushed by smugglers through the porous India-Bangladesh border.

The latest seizures were made on February 8 in Murshidabad from one Azizur Rahman (26), who belongs to Malda in West Bengal. Rahman, who was carrying 40 fake notes of Rs 2,000 denomination, told investigators that they …