DRI conducts searches after reports of influx of fake notes

THE DIRECTORATE of Revenue Intelligence (DRI) on Friday evening conducted massive search operations in multiple locations across the country following a tip-off that huge consignments of Fake Indian Currency Notes (FICN), including the newly introduced Rs 500 and Rs 2,000 notes, had reached Indian shores, sources told The Indian Express.

The Intelligence Bureau was also involved in the operation, said sources. Nothing has been found so far but the operations were ongoing at the time of going to press.

The DRI is verifying certain suspected containers at several container depots across Delhi, Mumbai and Chennai, said sources.

FICN has continued to be a big security concern for the country. A study on FICN in circulation, undertaken by Indian Statistical Institute, Kolkata, under the supervision of NIA has estimated that the face value of FICN in circulation in the country is about Rs 400 crore.

Earlier, The Indian Express had reported that a forensic report on the high quality FICN of the Rs 2,000 denomination, which were recently seized by the NIA, indicated that the notes were printed using stamp paper from Bangladesh.

These notes were seized from a man arrested by the NIA from Malda district of West Bengal on February 14.

On February 19, the BSF seized 48 FICN of Rs 2,000 from a man at the India-bangladesh border in Malda district.

The post-demonetisation seizure of high-quality FICN from the Indo-bangla border has triggered concerns among security agencies. A detailed probe is being conducted into seizures of high-quality fake Rs 2,000 notes, officials said.

On November 8, 2016, Prime Minister Narendra Modi announced the withdrawal of Rs 1,000 and Rs 500 notes to flush out high-denomination fake currency, mostly printed in Pakistan.