Fake ₹2000 entering through Bangladesh border, proves demonetisation a flop show

 

According to reports, after the paramilitary forces and intelligence agencies caught multiple consignments of fake ₹2000 notes near the Indo-Bangla border in the last one month, the Border Security Force (BSF) is having talks with Reserve Bank of India (RBI) about training their troopers to identify the counterfeit currency. 

 

A senior BSF official confirmed that the amount of fake notes seized by the security agencies is alarming. The recovered notes expertly replicated the safety features of the relatively recently introduced note and almost half of the features of ₹2000 is copied in the fake notes. The police and security officials disclosed that notes recovered at the border had copied the colour patterns of both obverse as well as reverse sides, has the watermark, replicates the geometric pattern, and has the exclusive number pattern.  

 

SP Murshidabad Mukesh Kumar stated, “Unlike samples seized elsewhere which were scanned or colour photocopies, these have been printed using sophisticated dyes. We have sent those notes to RBI, but the features of these fake notes are quite tough to differentiate,"

 

According to intelligence officials, the trade of fake notes along Indo-Bangla border, under the patronage of terror groups, is considered to be a financial bloodline for terror modules operating in India. The enormity of the illegal trade in Indo-Bangla border can be gauged from the fact that BSF since January 2015 to November 2016 seized fake Indian currency notes with face value of ₹ 3,96,72,500 and had apprehended 42 smugglers.  

 

While announcing demonetisation on November 8, PM Modi stated that one of the reasons behind this sudden move is to curb terrorist activities facilitated by counterfeit notes. However, the recent seizure of counterfeit currency that almost replicates 50% to 60% security features of the new ₹2000 notes proves that again this claim by the PM was made on assumptions. 

 

According to a report in the New Indian Express, an official who is linked with the probe of recovery of fake currency stated that the quality of the new fake notes is improved and difficult to detect with naked eyes. On the last week of December 2016, smugglers passed on sample counterfeit notes of the new ₹500 and ₹2000 notes to see their circulation feasibility and security agencies fear that the fake notes might soon find its way on the market. 

 

The same report also claimed that Securities Printing and Minting Corporation of India Limited (SPMCIL) officials have said that the new notes do not have any additional security features and have same as the previous demonetised notes. In short, all the tall claims made by the central government about the new currency and need of demonetisation was all based on theory and not on any substantial research or expert opinion.

 

 

This entire chapter of demonetisation has proven to be a costly affair for the government as well as Indian economy. This unplanned drastic move in which other concerning bodies were also not involved is turning out to be a failure since it has not succeeded in impacting most of the areas promised by Prime Minister Modi. 

 

Also, excluding the agencies like RBI and security agencies has further proved to be futile for the plan of demonetisation. On the brighter side, there are a number of takeaways from demonetisation, and its failure and the most important one is implementation is a deciding factor of any big plan.