NEW DELHI: Based on intelligence inputs, the Ministry of Home Affairs (MHA) on Monday has issued an alert, informing all financial regulatory and enforcement institutions, as well as banks dealing in cash, about “high-quality counterfeit Rs 500 currency notes” that have entered circulation.In its alert, the MHA also pointed to a difference between the fake and genuine notes, stating that although the counterfeits bear a striking resemblance to authentic ones, a “spelling error” in the phrase “RESERVE BANK OF INDIA” has crept in, with a typo in which the letter ‘A’ appears in place of ‘E’, they said.Describing the alert as “high importance”, officials said communications have been shared with key financial and regulatory bodies such as the Directorate of Revenue Intelligence (DRI), Financial Intelligence Unit (FIU), Central Bureau of Investigation (CBI), National Investigation Agency (NIA), Securities and Exchange Board of India (SEBI), and others including banks, to caution them that the fake notes closely resemble genuine ones in quality and print, making detection more difficult—except for the misspelling of “RSERVE BANK OF INDIA.”Calling the spelling error “very subtle”, as it might escape notice, officials said institutions handling currency have been asked to remain on high alert, as intelligence reports suggest counterfeit notes may already have entered the market. A photograph of the suspected counterfeit currency has also been circulated to aid identification, they added.The government has urged the general public to remain vigilant and report any suspicious currency to authorities immediately.When asked about the volume of counterfeit notes that may have entered the Indian market, a senior investigative official said that once such notes are in circulation, no agency can accurately assess the quantity, as available data on fake currency is drawn from various sources, including notes submitted to banks by the public. However, he added that the actual number is likely much higher than reported figures.In a recent reply to a question in Parliament, the government outlined measures implemented to curb counterfeit currency.“Measures implemented include penal provisions under Bharatiya Nyaya Sanhita, 2023 (BNS), and the Unlawful Activities (Prevention) Act, 1967, as well as the constitution of the National Investigation Agency (NIA), FICN Coordination Group (FCORD), and the Terror Funding and Fake Currency (TFFC) Cell,” it had said.
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