New Delhi: The historic televised announcement to demonetize the high- value denominations of Rs 500 and 1000 on November 8 has had a huge impact on the Indian economy that has sent the nation into cash crunch situation as well making counterfeiting the currency a lot easier.
“In a country’s history, there come moments when every person feels he too should be part of that moment, that he too should make his contribution to the country’s progress. Such moments come but rarely,” had said the PM announcing Demonetization– which only affected the normal man while rich, businessman walked away freely, Indiatoday reports.
“We have an opportunity where every citizen can join this mahayajna (grand sacrifice) against the ills of corruption, black money and fake notes,” PM Modi had said back then.
Impact of Demonetisation
The country was forced into a cash-crunch situation with the government accepting all the cash saved with people and releasing only a limited amount to the public.
New denominations of Rs 500 and Rs 2000 have been introduced overnight without the government keenly working on its unique features that would avoid counterfeiting these denominations.
Only three years on since the introduction of new denomination of Rs 2000, the government’s recent data reveals overcoming these minor security barriers made by the ruling government was not that difficult to break, in fact, counterfeiting these denominations printing is just a field’s day work.
As per the latest reports of the National Crime Records Bureau (NCRB), in terms of value, Rs 2,000 banknotes comprised 56 per cent of all fake currency seized in India after demonetisation (i.e. in 2017 and 2018).
“Have you ever thought about how these terrorists get their money? Enemies from across the border run their operations using fake currency notes. This has been going on for years,” had told PM while announcing the historic announcement sending the nation into deeper slumber with now 56 percent of fake currency seized post demonetization in India are of Rs 2000 value.