Govt modifies the probe process in counterfeit currency with Rs 100 demonstrability value
NEW DELHI: The government has amended the Investigation of
High-Quality Counterfeit Indian Currency Offences Rules, 2013, to
allow for invoking Unlawful Activities Prevention
Act, in cases of seizure of high-quality fake Indian currency notes
with a face value of Rs 100.
As per Rule 5 of the said rules dating back to 2013, damage to monetary stability of India by way of smuggling or circulation of high-quality of FICN was deemed to have been caused if the seized counterfeit currency included any one of the three highest denominations issued by RBI, and in circulation at that point of time.
While as per the currency notes in circulation in 2013, the three highest denominations were Rs 100, 500 and Rs 1,000, following the demonetisation exercise and introduction of Rs 2,000 note, the three highest denominations became Rs 100, Rs 500 and Rs 2,000. However, with the government having introduced Rs 200 note in 2017, the three highest denominations mentioned in the rule became Rs 200, Rs 500 and Rs 2,000, leaving out Rs 100.
A gazette notification issued on Friday said the Central government was amending Rule 5 of Investigation of High Quality Counterfeit Indian Currency Notes, replacing the words “three highest denominations” with “notes of denomination of one hundred rupees and above”.