Monday December 10, 2018
Home India Fake Rs 2000 ...

Fake Rs 2000 Notes? 4 Men in Bengaluru Pass off Photocopied Notes as Real

0
//
A cashier displays the new 2000 Indian rupee banknotes inside a bank in Jammu, India November 15, 2016. REUTERS/Mukesh Gupta. (Representational image)
Republish
Reprint

December 22, 2016: Four men in Bengaluru made fake 2,000-rupee notes and used them in several shops. Though their fake note trick lasted only for four days and they got arrested on Wednesday.

NewsGram brings to you latest new stories in India

They used a copier and glitter pen to make those 2,000-rupee notes and successfully used those fake notes in eight liquor shops.

According to NDTV report, senior police officer MN Anuchet said, “Shashank and Madhu Kumar copied the new 2,000 rupee denomination note in their friend’s Xerox shop. Then they had cut the paper according to size. They used a glitter pen to give that green tinge.”

Go to NewsGram and check out news related to political current issues

At a friend’s shop, they made a photocopy, and started off with 25 fake 2000rs notes.

Two other friends, Kiran Kumar and Nagaraj, were also in the plan. They and two other friends of theirs Kiran Kumar and Nagaraj were caught when a shopkeeper suspected that the note they handed was fake.

Mr Anuchet said, “We have recovered eight notes. Investigations are on and we will probably recover all 25 notes.”

One of the accused men worked in a mobile shop, one drives an auto and another is a mechanic.

Two of the accused men have diplomas from the Industrial Training Institute(ITI)

The police officer said that the notes looked quite real in the first instance.

Look for latest news from India in NewsGram

“It looks quite genuine in the first instance. Only the paper feels different… and if you are aware of other safety features,” said the police officer.

prepared by NewsGram team

Click here for reuse options!
Copyright 2016 NewsGram

Next Story

The Answer to The Impending Questions On Demonetization Are Here

While it did broaden the country’s tax base, it was a nightmare for the immense, cash-dependent informal economy.

0
crop loan
Indian Currency. Pixabay

Nearly all of the currency removed from circulation in a surprise 2016 attempt to root out illegal hoards of cash came back into the financial system, Resever Bank of India  has announced, indicating the move did little to slow the underground economy.

Prime Minister of India, Narendra Modi’s currency decree, which was designed to destroy the value of billions of dollars in untaxed cash stockpiles, caused an economic slowdown and months of financial chaos for tens of millions of people or demonetization.

Modi announced in a November 2016 TV address that all 500-rupee and 1,000-rupee notes, then worth about $7.50 and $15, would be withdrawn immediately from circulation. The banned notes could be deposited into bank accounts but the government also said it would investigate deposits over 250,000 rupees, or about $3,700. The government eventually released new currency notes worth 500 and 2,000 rupees.

 

demonetization
An activist of Congress party hold the banned 500 and 1000 rupee notes.

 

In theory, the decree meant corrupt politicians and businesspeople would suddenly find themselves sitting on billions of dollars in worthless currency, known here as “black money.”

“A few people are spreading corruption for their own benefit,” Modi said in the surprise nighttime speech announcement of the order. “There is a time when you realize that you have to bring some change in society, and this is our time.”

But even as the decree caused turmoil for those in India who have always depended on cash — the poor and middle class, and millions of small traders — the rich found ways around the currency switch. In the months after the decree, businesspeople said that even large amounts of banned currency notes could be traded on the black market, though middlemen charged heavy fees.

demonetization
Prime Minister Narendra Modi along with mayor, flickr

The reserve bank of India report said in its Wednesday report that 99.3 percent of the $217 billion in notes withdrawn from circulation had come back into the economy. Some officials had originally predicted that number could be as low as 60 percent.

Also Read: Diverse Gathering To Be Addressed This World BioFuel Day: PM Narendra Modi

“Frankly, I think demonetization was a mistake,” said Gurcharan Das, a writer and the former head of Proctor & Gamble in India. He said that while it did broaden the country’s tax base, it was a nightmare for the immense, cash-dependent informal economy.

“You can’t overnight change that in a country which is poor and illiterate. Therefore, for me it’s not only an economic failure but a moral failure as well,” Das said. (VOA)