Since few days there were many reports on TV regarding the seize of many fake notes of new Rs 2000 and Rs 500. This created great security concern over the manufacture of the fake notes. The reason the old notes of 1000 and 500 was banned was to prevent the generation of black money and to put a break to the fake note currency mafia.
There were 17 different security features implemented in the new 2000 and 500 rupee notes so as to prevent the manufacture of fake and counterfeit notes. But when the government investigated the seized fake notes, it was found that many security features have been duplicated. Out of 17 security features, 11 have been copied and reproduced. Among the copied features, the front look of the note, watermark, Ashoka pillar, the 2000 print on the left side, devangari script has also been reproduced.
However the quality of the paper is very low and can be identified immediately if observed carefully. The picture of chandryan, swachh bharat and the year of the print has been put on the wrong side. The ink colour is of very low quality and do not match the original.
But the concern is, many people who do not have idea about the fake notes and can be cheated easily.
The government which took the issue seriously, held a high level meeting regarding the issue and have taken few measures to put an end to the fake note racket. The committee headed by Financial experts and RBI officers have decided to introduce new notes every 4 years once which will cause huge loss to the fake racket business.
According to reports most of the developed countries follow the same procedure of replacing the old notes with new ones every 3-4 years which can bring an end to the fake note racket.
A survey conducted in the year 2016 by the Kolkata Indian Statistical Institute said that in India there was 400crore worth fake notes in circulation.
So there is strict vigilance required in places like Malda, Nepal border and Pakistan border which are mainly involved in the circulation of fake notes. The fake notes are mainly used by terrorists and naxals to buy weapons and ammunition to rage war against the country.