Govt detects counterfeit notes of `28 cr face value in 2016

Govt detects counterfeit notes of `28 cr face value in 2016

PTIUpdated: Thursday, May 30, 2019, 11:15 AM IST
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New Delhi : The government on Friday said it has unearthed Rs 5 and Rs 10 fake coins with a face value of about Rs 6.37 lakh and detected counterfeit notes of face value of Rs 27.79 crore till September this year, reports PTI. In a written reply to a question in the Lok Sabha, Finance Minister Arun Jaitley said that in the current year till

September 2016, over 5.74 lakh pieces of counterfeit notes have been detected having a total face value of over Rs 27.79 crore.

As per the National Crime Records Bureau, in 2015, over 8.86 lakh Fake Indian Current Notes (FICN) were detected having a face value of over Rs 43.83 crore. In 2014, over 8 lakh pieces were detected of face value of Rs 40.58 crore.

“Use of counterfeit/FICNs is causing various subversive activities such as espionage, smuggling of arms, drugs andother contraband in India. It is the main cause of parallel shadow economy,” Jaitley said.

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