Fake banknotes seized in India doubled after demonetisation, Gujarat topped list: NCRB

The Print 
October 22, 2019
By Apoorva Mandhani and Aneesha Bedi

National Crime Records Bureau’s report for 2017 says new Rs 2,000 note, released after demonetisation, accounted for more than half the seized currency.

Fake Indian currency notes worth Rs 28.1 crore were seized in 2017, almost doubling from the previous year’s mark of Rs 15.9 crore, according to the Crime in India-2017 report put together by the National Crime Records Bureau (NCRB).

The report points out that the new Rs 2,000 note, released after the November 2016 demonetisation, accounted for Rs 14.97 crore of the currency seized in 2017.

The total number of notes seized were 3,55,994, a 26 per cent rise from 2016, when 2,81,839 fake notes were seized. Of these, there were 65,731 old Rs 1,000 notes, 1,02,815 were old Rs 500 notes, 8,879 were new Rs 500 notes and 92,778 were Rs 100 notes.

While announcing demonetisation on 8 November 2016, Prime Minister Narendra Modi had said the move would fight black money, corruption and terror funding. He said the old Rs 500 and Rs 1,000 notes would no longer be legal tender, and would just be “worthless pieces of paper”. The PM had also urged people to “join this mahayagya against the ills of corruption”.

However, the NCRB report says the country’s banks received an all-time high amount of fake currency. The report, added that banks detected an over 480 per cent jump in suspicious transactions post-demonetisation. 

Comments

Post a Comment

Popular posts from this blog

India Joins Russia in Voting Against West-Backed Move to Expand Powers of OPCW

The Wire: June 28, 2018 New Delhi: India voted against a UK-backed move that will allow the global chemical weapons watchdog to apportion blame for illegal attacks, criticising the decision to grant “unchecked powers” to the head of the group which could be used for “partisan” purposes. On Wednesday, more than two-thirds of the member states of the Organisation for the Prohibition of Chemical Weapons (OPCW) voted to authorise the international body to identify the perpetrators and sponsors of a chemical weapons attack. It also specifically called on the OPCW’s technical secretariat to begin work on identifying the perpetrators behind the use of chemical weapons in Syria. The draft decision, sponsored by 30 countries, was adopted at the fourth special session of the conference of the states parties to the Chemical Weapons Convention at the Hague, with 82 in favour and 24 negative votes. While Europe, the United States and their allies voted ‘yes’, there was strong oppo...
Read more

As financial insecurity rises in urban India, so does investment in insurance

Image
Scroll.in March 13, 2020 Urban Indians are becoming less confident about their financial security. Up to 58% of them fret over financial independence post retirement, which is a 4% increase from last year. An equal share of urban Indians worry about meeting their daily medical expenses and sustaining their current lifestyle once they stop working. The findings are part of a survey published by Delhi-based Max Life Insurance in association with London-based consultancy Kantar. The firms surveyed 7,014 respondents in 25 cities, including six metros, nine tier-1 cities, and 10 tier-2 cities, between December 2019 and January 2020. Source: Max Life Insurance via Quartz The trends Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz A significant share of urban Indians also say their families will have no financial support in the event of the breadwinner’s death. In such a scenario, around 57% believe the family sav...
Read more

ED tracks Swiss Bank A/Cs of Agusta scamster

The Poineer February 10,2019 Rakesh K Singh The Enforcement Directorate (ED) has tracked a dozen Swiss bank accounts in the name of Rajiv Saxena, who is key accused in the Rs 3,600 crore AgustaWestland VVIP chopper scam. The ED has also found out accounts held by  his family members and associates where the kickbacks in the now scrapped deal were allegedly parked. Two bank accounts are in the name of Rajiv Saxena’s  associates Pankaj Jain and Sumita Jain who are also the authorised signatories. The  third is in the name of another associate Ajit Singh Bubber, but Rajiv and his family members are authorised signatories. The remaining nine accounts are largely owned and operated by Rajiv, his family members and associates. Rajiv Saxena was deported by the UAE authorities on January 30 and the ED formally arrested him the next day and a court later granted his remand to the agency. He is currently undergoing custodial interrogation by the ED. The agency had in 2017...
Read more