- Fake ₹50 and ₹20 notes are very much similar to the ones issued by RBI
- You can spot minor differences in texture and colour
- Police suspects hawala mafia based in Theni and Madurai
Prime Minister Narendra Modi announced demonetisation policy as a measure to curb black money. But the fraudsters have now found a new way to tackle the issue, by printing fake ₹50 and ₹20 notes.
Bank authorities in Idukki, bordering Tamil Nadu have issued alert against ₹50 and ₹20 notes after they noted that counterfeit currencies of these denominations are being circulated in the district.
Earlier people were aware of fake ₹500 and ₹1000 notes and used to check the notes. But now there is high demand for lower denomination currencies and are struggling to get a change for ₹2000 notes. They are also not aware of fake ₹50 and ₹20 notes and methods to identify it. We are also clueless about the mafia, the police said.
The fake notes are very much similar to the ones issued by Reserve Bank of India. Further, people do not know to identify fake notes as they were not used in banking widely.
However, some minor differences can be spotted in the colour and texture. The year of printing on the back side and numeral printing in the vertical direction are also missing in fake currency.
It is suspected that hawala mafia located in Theni and Madurai in Tamil Nadu is circulating the notes. The racket spreads the currency through retail vendors and spice merchants.
Last Updated 7:05 PM IST