In its effort to meet the challenge of fake currencies RBI will withdraw currency notes printed between years 1996-2000. According to RBI, most of the counterfeit notes of denominations 10, 20, 50 and 100 were of 1996 and 2000 series. The new series of currency will have increased security features. The new directive from RBI will be effective from January next year.

 

The intelligence bureau has concernedly admitted that the country is hit by an 'economic terrorism' which would lead to a staggering loss of USD 51 billion due to counterfeit currency circulating in the country. Indian agency with Sri Lanka, Nepal and Bangladesh as active partners in probing fake Indian currency notes (FICN) related cases has found that Pakistan has been involved in printing and circulation of counterfeit notes in India.

 

The reports published in various newspapers claim that Pakistan imports currency-standard printing paper in huge quantities from London-based companies meant to print Indian currency. From various impounding and recovery of FICN cases, one thing is conclusive that the quantity is just a tip of the iceberg of mammoth presence of FICN.