The sudden growth in circulation of fake currency notes in the last four years has forced the Centre to initiate a coordinated effort involving various agencies.
The sudden growth in circulation of fake currency notes in the last four years has forced the Centre to initiate a coordinated effort involving various agencies to check the menace. The CBI is at present probing 13 cases of seizure of counterfeit notes, but the pace of its investigation is slow.
Union home ministry data reveals fake notes with a face value of Rs9 crore were either seized by police in various states or detected by different RBI branches in 2006. The recovery crossed the 10 crore-mark in 2007 — 4 crore in police seizures and 6.5 in RBI detections.
The seizures (14.25 crore) and detections (7.31 crore) jumped to 21 crore in 2008. The figure had crossed the 6.55 crore-mark till July 9, 2009, but controlling agencies believe the circulation might be less this year than the previous year after both the home ministry and RBI initiated stringent measures to curb the spread.
However, these figures are provisional and a final picture, as and when it emerges, could be alarming, ministry sources said.
The slow pace of CBI investigation has emboldened the circulators of fake notes. Of the 13 cases the agency is probing, trial has begun in 12, while a charge-sheet has been filed in one and further investigation is under way.
Sensing the enormity of the problem that has acquired a serious dimension with Pakistan using fake notes to destabilise Indian economy, the home ministry has brought all agencies concerned under one umbrella, with the CBI coordinating the effort. RBI, the ministries of home and finance and both central and state intelligence agencies are working in tandem to meet the challenge.
The states have been asked to set up dedicated and well-equipped special cells to monitor and deal with the organised crime.
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