Government comes out with 6 pronged strategy to combat fake currency menace

New Delhi, March 11: It has been several times that the menace of fake currency will continue to damage the Indian economy. Various agencies in the country which have probed cases relating fake currency point out the dangers if the problem is not curtailed.

The government of India states that multiple steps have been taken to curb the menace of fake currency. The National Investigation Agency which is probing several such cases has been coordinating with their counterparts in Bangladesh to address the problem.

Steps taken to prevent fake currency:

It has been decided by the government that it would require multiple agencies to coordinate with each other in a bid to curb this menace. On this issue the Ministry of Finance, Ministry of Home Affairs, Reserve Bank of India, Security and Intelligence Agencies to the Centre and States are working in tandem.

A Special FICN coordination (FCORD) Group has been formed by the MHA to share intelligence among the different security agencies.

The CBI and National Investigation Agency are the Central Agencies for investigation of FICN cases. The Government has also constituted a Terror Funding & Fake Currency Cell (TFFC) in NIA to investigate Terror Funding and Fake currency cases.

Further the government has made amendments to the Unlawful Activities (Prevention Act, 1967 (UAPA) wherein damage to the monetary stability of India by way of production or smuggling or circulation of High Quality Fake Indian Paper currency, coin or any other material has been declared as a "Terrorist" act.

A Memorandum of Understanding (MOU) has been signed between India and Bangladesh to prevent and counter smuggling and circulation of Fake Currency Notes. The objective of this MOU is to promote bilateral cooperation in the field of preventing and combating, production, smuggling and circulation of fake currency notes, taking into account the applicable laws and legal provisions of the two countries.

The RBI conducts awareness programmes to make the public aware of the features of Indian Bank notes and to identify genuine Indian bank notes. The RBI regularly conducts training programmes on detection of counterfeit notes for employees/officers of banks and other organizations handling large amount of cash.

To prevent smuggling of fake currency notes in India, staff posted at airports, Railway Stations and border posts have been sensitized from time to time, which has resulted in significant hauls of FICN in these locations.

OneIndia News