RBI has no clue about fake currency detected post demonetization

The Reserve Bank of India (RBI) has admitted it has no confirmed data of the number or value of fake currencies detected since the demonetization of Rs 500 and Rs 1,000 notes.

As per an RTI query, which is filed by an activist Anil Galgali, revealed that RBI has no information regarding fake currencies detected post-demonetization.

"We presently don't have the confirmed data on this query," said a reply from the RBI's Department of Currency Management (Forged Note Vigilance Division), to the RTI activist. 

In a pointed query, Galgali had asked RBI to provide details of the number or value of the fake currencies detected post-demonetization, the name of the banks, dates, etc, between November 8 to December 10, 2016.

"However, the RBI has made it clear that nearly 11 weeks later, it has simply no data available on this crucial aspect. So the government's claim that demonetization used as a weapon to curb fake currency is proving hollow," said Galgali.

Galgali pointed out that Prime Minister Narendra Modi had said that demonetization would help wean out counterfeit currency notes and choke terror funding.

"The RBI's replies make it obvious that the government has failed in this endeavour or raised the bogey of fake currencies merely to implement demonetization. It's now up to the Prime Minister to declare the figure/value of counterfeit notes recovered, in national interest," Galgali said. 

PM Modi in a televised address to the nation on November 8, had announced the de-legalisation of Rs 500 and Rs 1,000 notes in a bid to curb the parallel black economy in the country and to rein in counterfeit currency that is used primarily for terror funding.