Alarmed over the menace of the fake Indian currency notes spreading its tentacles in India, the government has issued a directive to the Reserve Bank of India to withdraw from circulation the notes of 1996 and 2000 series.
The prescription came through an application under the Rights to Information Act by an activist from down-south Kerala state.
Desperately looking for a breakthrough in the city's triple blasts case, the Maharashtra Anti-Terrorism Squad has extensively questioned an alleged Indian Mujahideen operative, who was arrested in a counterfeit currency case, with regards to the July 13 explosions.
The National Investigating Agency recently filed a 'confidential' report before the special NIA court in Mumbai. Toral Varia accesses the report submitted before the court which has several findings that nail Pakistan's role in the manufacture and circulation of fake currency notes in India.
The National Investigating Agency recently filed a 'confidential' report before the special NIA court in Mumbai. Toral Varia accesses the report submitted before the court which has several findings that nail Pakistan's role in the manufacture and circulation of fake currency notes in India.
Finance Minister Nirmala Sitharaman on Tuesday launched the foreign currency settlement system in GIFT IFSC, which will facilitate seamless transactions on real-time basis, enhance liquidity management, and ensure compliance.
Lashkar-e-Tayiba operative Abdul Karim Tunda has told his interrogators that Pakistan's intelligence agency Inter-Services Intelligence used to run the entire supply chain of Fake Indian Currency Notes being smuggled into India.
'Trump had done a deal with the current regime minus Maduro. The current regime is giving Trump entry into Venezuelan oil. They are obeying him and doing whatever he says.' 'They are happy because they have saved their heads by sacrificing only two, Maduro and his wife. Thousands of Venezuelan military leaders would have been jailed or killed in American action had Maduro stayed in power.'
While India managed to seal the fake currency's Pakistan and Nepal route into India to a large extent, Inter Services Intelligence-sponsored operatives have furthered their activities by shifting base to Thailand.
Priced at over Rs one-lakh, the detector machine is currently being imported from Swiss-based BEB Industrie Elektronki AG and can detect 1,200 notes per minute.
As the RBI moves ahead for the launch of the central bank digital currency (CBDC), Governor Shaktikanta Das on Wednesday marked out cyber security and digital frauds as the main challenges in the new system. Deputy Governor T Rabi Sankar said there are two types of CBDCs - wholesale and retail - and a lot of work has happened in the former while the latter was termed as a "complicated" aspect which will take time. The RBI had earlier this year announced that it has started work on the CBDC, in line with other major central banks of the world which are looking at a fiat digital currency.
Congress leader Rahul Gandhi has said the 'wholesale attack on the democratic system' currently underway in India is the single biggest risk the country is facing, and asserted that allowing different traditions to thrive is very important as 'we cannot do what China does, which is to run an authoritarian system'. IMAGE: Kindly note that this image has been posted for representational purposes only. Photograph: / Rediff.com Speaking at a seminar titled 'The Future is Today' at the EIA University in Medellin, Colombia, Gandhi also alleged that there are 'huge amounts of corruption at a centralised level' in India now. "In India, we have huge amounts of corruption now at a very centralised level. So, three or four businesses taking over the whole economy, having a direct relationship with the prime minister, is rampant in India," the Leader of Opposition in Lok Sabha said. "But I believe decentralising power, making things more transparent, bringing people into conversations, and bringing people into processes is the best way forward," Gandhi said while addressing the seminar on Wednesday. Hitting back at the Congress leader for his remarks, the Bharatiya Janata Party on Thursday accused Gandhi of insulting and degrading India on foreign soil. Posting a video clip of Gandhi's speech on X, BJP national spokesperson Gaurav Bhatia said, 'Rahul Gandhi does it again, degrades India on foreign soil. From defaming our democracy in London, to mocking our institutions in the US, now in Colombia he spares no chance to insult Bharat globally.' 'This isn't dissent. It's disgrace to the fake Gandhi. Criticising BJP may be your right but dare you malign Mother India for your cheap and petty politics,' Bhatia said. Speaking at the seminar, Gandhi said India has a much more complex system as compared to China and its strengths are very different from that of the neighbouring country. India also has a very old spiritual tradition and a thought system with profound ideas that are useful in today's world, he said, adding that there is a lot that the country can offer in terms of tradition and way of thinking. "I am very optimistic about India, but at the same time, there are fault lines within the Indian structure. There are risks that India has to overcome. The single-biggest risk is the attack on democracy that is taking place in India," the Leader of Opposition said. "India has multiple religions, traditions and languages. India is actually a conversation between all its people. Different ideas, religions and traditions require space. The best method for creating that space is the democratic system," he said. "Currently, there is a wholesale attack on the democratic system in India, so that is a risk. The other big risk is different conceptions -- some 16-17 different languages, different religions... So, allowing these different traditions to thrive, and giving them space to express themselves is very important for a country like India.
Although the RBI did not give any reason for withdrawal of pre-2005 currency notes, the move is expected to unearth black money held in cash.
Indian currency notes will soon bear the rupee symbol. It will also have extra security features.
Earlier, RBI had refused to disclose information about consultation undertaken before the demonetisation move was announced by the prime minister on November 8.
The quantum of fake Swiss francs remained much higher.
The new ploy of using Colombo to transport the counterfeit currency is believed to have adopted by the ISI.
A woman from Pakistan has been arrested in Amritsar allegedly with fake Indian currency having face value of Rs 4.5 lakh, officials said on Friday.
For every one million currency notes, there are eight fake notes floating in the country. While the percentage of fake notes may still be 0.001, the government is concerned as their circulation has grown in alarming quantities over the past few years.
The two policy decisions to bolster BSF capabilities at this front have been taken in the wake of the stepped up security arrangements along the border following the fall of the Sheikh Hasina government in Bangladesh on August 5, 2024.
Officials said the six were arrested after a money changer noticed that the 500 and 1,000 Indian rupee notes presented to him for changing were fake.
Personnel of the Border Security Force and the Border Guard Bangladesh continued discussions on the third day of the annual coordination conference here, they said.
The RBI has issued certain guidelines to detect counterfeit notes. Some of the common ways to detect fake are Watermark, Security Thread, Colour and Fluorescence.
Tirumala Tirupati Devasthanams has brought to the notice of the Reserve Bank of India that fake notes worth Rs 50 lakh in various denominations had been recovered from the Sri Vari 'Hundi.'
Reserve Bank of India regional director J Sadakkadulla on Thursday said that a high-level committee headed by RBI Deputy Governor Usha Thorat had recommended installing of note sorting machines (NSMs) in all bank branches in a phased manner and has asked the banks to give a road map to the RBI to achieve this task.
Police seized 100 fake notes of old Rs 500 denomination from Burhanuddin, who first claimed to be a Mumbai resident.
The finance ministry on Friday informed a parliamentary committee that smuggling of fake currency has totally stopped post demonetisation and the tax department has seized Rs 515 crore in cash, including Rs 114 crore of new currency notes, up to January 10.
These notes can be exchanged for their full value at bank branches
'The number of STRs received in 2016-17 is 4,73,006 which is more than four times as compared to 2015-16 and this increase is attributed to demonetisaton exercise...,' the Financial Intelligence Unit's report has said.
The Central Bureau of Investigation conducted searches in Delhi and the national capital region (NCR) and busted a fake tech-support call centre that allegedly defrauded US citizens online.
The hour-long episodes lurch from adrenaline-pumping to yawn-inducing, observes Deepa Gahlot.
Pananjay Tiwari, founder and director of Impel Overseas Education, explains how the new changes can impact Indian students who are applying to US universities and those who are already studying in the US.
'Seven months he has been in jail for no reason.'
The value and volume of banknotes in circulation increased by 7.8 per cent and 4.4 per cent, respectively, during 2022-23 as compared with 9.9 per cent and 5 per cent, respectively, in 2021-22, revealed the RBI annual report released on Tuesday. In value terms, the share of Rs 500 and Rs 2,000 banknotes together accounted for 87.9 per cent of the total value of banknotes in circulation as on March 31, 2023, as compared to 87.1 per cent a year ago. The Reserve Bank has announced withdrawal of Rs 2,000 notes, and holders of the highest value currency have been given time till September 30 to exchange or deposit them.
Rajya Sabha Chairman Jagdeep Dhankhar on Friday said a wad of currency notes was recovered by security staff from the seat allotted to Congress MP Abhishek Manu Singhvi.
The couple stayed in a Hotel in the month of March this year and booked the room under fake names, the owner of the hotel confirmed.
The department will impose a penalty, which could be between 30 per cent and 120 per cent.
According to the police, the accused persons collected data, such as phone numbers and personal data from a portal, and the employees of the call centre randomly made calls using VoIP to US citizens.
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Chests are select branches of banks authorised by RBI for distribution of notes and coins.
