GANG CAUGHT WITH FAKE CURRENCY

Post-demonetisation, the illegal exchange of foreign currency for Indian notes continues unabated in the city. Shahran Market alone has as many as a dozen brokers who can be seen wielding wads of Indian notes in an attempt to lure people into exchanging them for foreign currency.

A shopkeeper at Machli Kaman says, “Not much has changed after demonetisation. The brokers were the first people to get new `2,000 currency notes, and later the `500 notes.”

The brokers accept foreign currencies such as Riyals, Dollars, Dirhams, Dinars and Euros in exchange for Indian notes. Hyderabad: A gang involved in circulation of counterfeit currency notes with a face value of `100 was caught by Medak police on Monday.

One Dharma Naik along with his friend Shamsuddin of Nizamabad went to Malda, West They also sell foreign currency.

As per the law, only authorised dealers such as banks and full-fledged money changers (FFMC) and their franchisees are allowed to exchange currency in accordance with the guidelines of the Reserve Bank of India. Bengal, and brought the fake currency.

They returned to Medak and were planning to head to Maharashtra to exchange the fake currency at village shandies when they were caught. The police recovered the fakes. The limit on the amount that can be exchanged depends on the nature of the visit. Businessmen, tourists, students, immigrants and employees all have different limits.

Illegal exchange offices are being run at places such as Hussainialam, Falaknuma, Mallepally,