Bangladesh has replaced Pakistan as the main source for production and smuggling of fake Rs 2,000 notes.
The government’s move to demonetize Rs 500 and Rs 1,000 notes last year seems to have partly led to the end of fake currency coming in from Pakistan as production bases of fake currencies there have taken a hit. However, records of seizures by the Border Security Force suggest that Bangladesh is emerging as a source of fake Indian currency notes.
According to a Hindustan Times report, previously fake currency manufactured in Pakistan and Bangladesh was smuggled through 13 frontiers located in the border states of Jammu, Punjab, Rajasthan, Gujarat, West Bengal, Assam and Meghalaya.
Seizure of Fake Indian Currency Notes or FICN have lessened in 11 frontiers but West Bengal and Assam have seen a spike since January 2017. Also the value of fake notes seized by the BSF in the first six months of 2017 (Rs 32 lakh) is lower than in 2016, before demonetization began. It was Rs 2.6 crore from Guwahati and south Bengal frontiers in 2015 and around Rs 1.5 crore in 2016.
According to the BSF, intelligence inputs suggest that fake note syndicates have not made any major investments towards infrastructure post demonetization. They are however, attempting to gain a foothold in India.
As per media reports, Bangladeshi syndicates are smuggling paper from Saudi Arabia and Malaysia to match the paper used by India for Rs 2,000 notes.