Poll time sees influx of fake currency

Experts call for employing advanced forensic methods to analyse intaglio ink and eliminate network engaged in the racket

Hyderabad: In what could create ripples in the political firmament, rumours are flying thick and fast that Telugu Desam Party (TDP) legislator A Revanth Reddy had allegedly used some fake currency notes while giving a bribe of Rs 50 lakh to nominated MLA Elvis Stephenson.

The Tax officials who examined the notes confirmed this, according to reliable sources. The sleuths of Anti-Corruption Bureau (ACB) who are investigating the matter are looking into whether the money was withdrawn from any bank or was it routed through any agent.

Experts are expressing concern over infusion counterfeit currency into market, particularly during election time. The gangs dealing with counterfeit currency have been finding it easy to induct fake notes into market and a section of those in public life are lapping up dubious currency.

It is now established, according to experts, a political class has come to depend on counterfeit currency to bribe voters during election time. It has led to fake currency being pumped into the market. An indication to it came in the form of protests staged by voters during elections to local bodies, alleging that the currency notes they were paid by one or other political party turned out to be fake notes.

These incidents happened in Krishna and Anantapur district. With the political to large extent remaining anonymous, the wheeler-dealers have found its easy to pump in counterfeit currency or black money into market. Despite being cheated by one or other political party, a few voters, who were paid in counterfeit currency , came forward to lodge complaints because of the fear that false cases may be framed against them too.

According to an RTI activist, currency worth Rs 970 crores which were not printed in Indian mints had reportedly landed in the vaults of the Reserve Bank of India (RBI). The RBI underplayed those reports. A senior Intelligence official on the condition of anonymity said, “The most widely circulated fake currency denominations are Rs 500 followed by Rs 1,000. Seizures also indicate notes of Rs 100, Rs 50 and Rs 20 are also in circulation.”

According to National Investigation Agency (NIA), most of the fake currency in circulation in India is being printed in Pakistan and then smuggled into the country through China, Bangladesh, Nepal, Malaysia, Sri Lanka, Thailand and the UAE.

However, experts feel that though India has been working on counter measures like design changes, and watermarking on the currency notes and introducing measures to phase out pre-2005 currency notes which lacked security features, the government does not appear to be keen on implementing advanced forensic methods to analyse intaglio ink, the paper used and more importantly take stern action against the support networks.

By Victor Rao