Failure of demonetisation? How fake Rs 2,000 notes were circulated soon after note ban

According to the National Crime Records Bureau's (NCRB) latest report released on November 30, a total of 2,272 fake notes of Rs 2,000 denomination were seized in 2016.

New Delhi, Dec 7: While announcing demonetisation of high-value currency notes of Rs 500 and Rs 1,000 on November 8 last year, Prime Minister Narendra Modi insisted that the move was taken to end corruption, black money, circulation of counterfeit notes and terror funding.

More than a year later, it is clear that none of the above-cited "benefits" of demonetisation actually took place.

Rather reports state that how fake Rs 2,000 notes immediately came to the market after they were introduced post demonetisation.

According to the National Crime Records Bureau's (NCRB) latest report released on November 30, a total of 2,272 fake notes of Rs 2,000 denomination were seized in 2016.

Since the Rs 2,000 note -- along with the new Rs 500 currency -- was introduced only after November 8, 2016, it means that those counterfeiting the notes got into the act very quickly.

In just 53 days between November 8 and December 31 last year, police and other government agencies seized 2,272 fake Rs 2,000 notes -- at a time when people across the country were struggling to get hold of the new currency.

The maximum number of these Rs 2,000 fake notes were seized in Gujarat (1,300), followed by Punjab (548), Karnataka (254), Telangana (114), Maharashtra (27), Madhya Pradesh (8), Rajasthan (6) and Andhra Pradesh, Arunachal Pradesh and Haryana (3 each). Jammu and Kashmir and Kerala accounted for two fake notes each. One such note was seized in Manipur as well as in Odisha.

The Rs 2,000 notes were part of the 281,839 fake notes of various denominations recovered from different locations across India.

Among other fakes, 82,494 notes of Rs 1,000 and 132,227 of Rs 500 denomination were also seized last year along with 59,713 notes of Rs 100 and 2,137 notes of Rs 50, said the annual publication of NCRB released by Union Home Minister Rajnath Singh.

In a number of raids across the country, police forces, the Income Tax department and other government agencies also recovered 184 fake notes of Rs 20, at least 615 notes and coins of Rs 10 and 2,001 notes of Rs 5.

Also seized were 196 fake coins of Rupee 1 denomination -- between January to December 31 last year.

The critics of demonetisation state that it was a masterstroke by PM Modi to help rich turn their black money into white. Immediately after demonetisation, the country faced serious cash crisis as 86 percent of currency notes in circulation were declared as illegal by the government.

The critics blame that the economy of the country has been badly hit by the demonetisation as a large section of daily wage earners and owners of small enterprises went jobless within days.

Recently, India recorded slowest economic growth in last three years. The country recorded 5.7 percent GDP growth during April-June. The previous low of 4.6 percent was recorded in January-March 2014.

OneIndia News