Manipur: Fake currency racket busted in Imphal, 2 arrested
Aug 26, 2022
Imphal (Manipur) [India], August 26 : The Anti-drug cell of Imphal East Police busted a fake currency racket at Urup Kangthak village and Keirao village area, said officials on Thursday.
Two persons have been arrested in the matter. The officials also recovered drugs and bundles of fake currency from the gang.
"We recovered 3,790 suspected World is Yours (WY) drugs, 60 grams suspected Heroin, 26 bundles and 89 numbers of 500 fake currency notes and 101 numbers of 500 fake currency uncut sheets," said police.
Further investigations are underway.
Earlier on August 8, Union Minister of State for Finance Pankaj Chaudhary informed Lok Sabha that the value of counterfeit notes detected in the banking system has reduced from Rs 43.47 crores in 2016-17 to Rs 8.26 crores in 2021-22 -- a decline of around 80 per cent.
Chaudhary said this in reply to a question on whether the value of fake Indian currency notes has gone up since demonetisation in 2016.
As per a report of the agencies, there have been instances where it has been found that the fake currency has been smuggled from neighbouring countries, the minister said.
"While notes seized by different law enforcement agencies have gone up, there is a discernible trend of reduction in the number of counterfeit notes detected in the banking system," he said.
Further, the number of counterfeit banknotes has come down from Rs. 7.62 lakh pieces in 2016-17 to Rs. 2.08 lakh in 2020-21.
The number of counterfeit banknotes has come down, the minister said, because of the decision of the government to cancel the legal tender status of Rs 1,000 and Rs 500 denomination currency notes on November 8, 2016.
The decision of demonetisation had several objectives including curbing of circulation of fake Indian currency notes (FICN).
To counter the smuggling of fake notes, a joint task force is functioning between India and Bangladesh for building trust and cooperation for the exchange of information and analysis of smugglers of FICN. A Memorandum of Understanding (MoU) was signed between India and Bangladesh to prevent and counter the smuggling and circulation of fake currency notes.
In addition, training programmes are conducted for the police officials of Nepal and Bangladesh to sensitise them about smuggling or counterfeiting of Indian currency, the minister replied.
