Fake Rs 2,000 Notes From Pakistan Reach India Through Bangladesh

The experts added that the motif of Chandrayaan, and the Swachh Bharat logo had been copied on the reverse side. (Photo: The Quint)

Fake Rs 2,000 notes, made by Pakistani-based counterfeiters were pushed by smugglers through the unsecured India-Bangladesh border, official sources told The Indian Express, citing recent seizures and arrests made by the National Investigation Agency (NIA) and Border Security Force (BSF).

The discovery was made after West Bengal native Azizur Rehman (26) was caught carrying 40 fake notes of 2,000 rupees. He revealed that the notes had been printed in Pakistan, allegedly with the help of the ISI and were transported across the border from Bangladesh.

According to sources cited by The Indian Express, the fake notes bore 11 out of the 17 new security marks needed to identify a new 2,000 note. These included the transparent area, watermark, Ashoka Pillar emblem, the letters ‘Rs 2000’ on the left,
the guarantee clause with the RBI governor’s signature, and the denomination number in Devanagari on the front.

The experts added that the motif of Chandrayaan, and the Swachh Bharat logo had been copied on the reverse side. Although the paper quality of the seized counterfeits were poor, they resembled genuine notes, they said.

“The quality has improved from the last time and it is difficult to detect a fake note with naked eyes now. Last month, the FICN (Fake Indian Currency Note) smugglers pushed some sample notes of the new Rs 2,000 and Rs 500 denomination in small numbers to check their feasibility for circulation. We fear that they will be seen in the market very soon,” said a senior official linked to the probe.

The first seizures of such notes were recorded on 22 January and on 4 February, when Piyarul Sheikh (16) and Digamber Mondol (42), both from Kaliachak in Malda, were arrested by the local police and NIA.

According to officials of the Securities Printing and Minting Corporation of India Limited (SPMCIL), the newly introduced notes had no additional security features and were similar to those in the old Rs 1,000 and Rs 500 notes.

“It is a mammoth exercise and needs several rounds of consultation before the new security features are added. There was no time to introduce additional security features in the remonetised Rs 2,000 and Rs 500 notes as the decision was taken only five months ago. The last time security features were upgraded was in 2005,” an SPMCIL official, told the Indian Express on the condition of anonymity.

A primary reason given by Prime Minister Narendra Modi for demonetising the old 1,000 and 500 rupee notes was that they were being copied en masse and being flooded through the economy in an attempt to destabilise it .

According to a 2016 study conducted by the Indian Statistical Institute (ISI) in Kolkata, the value of FICN in circulation was pegged at Rs 400 crore.