COMMON SENSE SIMPLIFIED: THE BIG C

COMMON SENSE SIMPLIFIED: THE BIG C:

Higher denominations attract higher amount of fake currencies which are being pumped into the economy. The financial channels of India have recorded a massive 400 per cent increase in counterfeit transactions, according to a report by Financial Intelligence Unit (FIU) under the Union Finance Ministry compiled for 2010-11. FIU further revealed that majority of these fake currencies is in 500 rupee denominations consisting of 60.74 per cent of the total amount. The number of fake 1,000 rupee notes is also rising rapidly. In June 2011, Directorate of Revenue Intelligence seized fake currency (with a face value) of Rs.1.54 crore in which the counterfeit currency was in the denomination of Rs.500. As per a white paper prepared Research and Analysis Wing and the Central Bureau of Investigation, very shockingly, one in every four 1000 rupees notes is fake.


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