With Rs 500, 1,000 notes out, Modi wiped out a Rs 12,00,000 crore fake currency racket

A dossier on the fake currency prepared by the Indian Intelligence Bureau in the possession of OneIndia shows that Pakistan had over the years pumped in fake currency in large numbers.

New Delhi, Nov 8 The menace that is Pakistan had ensured that nearly Rs 12,00,000 crore worth of fake currency was in circulation in the Indian market. A dossier on the fake currency prepared by the Indian Intelligence Bureau in the possession of OneIndia shows that Pakistan had over the years pumped in fake currency in large numbers.

The ISI sponsored racket from Pakistan focused only on the Rs 500 and Rs 1,000 notes. An investigation that was conduced by the CBI found that the ISI's thieves had stolen the template and made these notes.

Notes looked authentic:

Over the years the ISI had managed to replicate the Indian currency to such an extent that it was hard to tell between the genuine and fake notes. Not only did they steal the template, but also began sourcing the paper from the same place that the Indian government did.

Earlier, they used paper manufactured in Pakistan out of wood pulp. Later the paper was imported from abroad and it resembled the paper India uses in its currency. IB reports allege that the ISI convinced the Pakistan government to import the currency standard printing paper, which the ISI diverted towards printing fake currency.

Indian intelligence sources point out that some Pakistan officials are aware of these activities since much of the fake currency is printed at government presses in Quetta, Lahore and Peshawar.

Once the notes are printed, the ISI transports them to Nepal, Bangladesh and Sri Lanka. Agents hand over the notes to individuals who smuggle them into India where it is exchanged on a 2:1 basis. That is, two fake rupees are exchanged for one genuine rupee.

Investigations found the thread in the freshly printed fake currency notes are no longer hazy; the watermarks, the Ashoka Pillar, Mahatma Gandhi's image, the denomination and the RBI mark are more prominent. The sprinkled dots are harder to identify when held against ultra violet light; also, the new fake notes ensure better visibility of the superimposed digit when held horizontally.

The biggest problem the ISI faced before the template was stolen was the size of the series prefix. However, with the template in its possession, the agency fixed this problem the alignment of the series prefix has been placed in a correct line.

OneIndia News