Now, Rs 500 counterfeit (jaali) notes circulated in Mumbai

half2Reasons for demonetization given by the government are changing by the day: first, it was to eliminate fake currency. Then, to go after corruption. Later, the story changed to increase digitization. None of these are making sense. As the news indicated, already new fake currency is in the market. Corrupt money is stocked away abroad, or in real-estate and jewelry. As for increased digitization, villagers have no access to ATMs, and they will be unwilling to go to a nearby town and stand in line at the bank to withdraw their own hard-earned money.

Here are my three questions to the government: 1. I have earned my money and paid taxes on it. What right do you have to force me to stand in line at the bank? 2. Who the hell is the government to dictate to me how much money I can withdraw from my account? and 3) Why should I trust the currency any more? A new government in a few years may scrap some of the current denomination says Damodar Yadaorao Golhar.

wo episodes have come to light regarding the forgery of the new Rs 500 and Rs 2,000 notes. While a grocery owner was duped with a fake Rs 500 note in Mumbai, six members of a gang were arrested in Hyderabad on Saturday for printing Fake Indian Currency Notes (FICN), including the Rs 2,000 note, and conspiring to circulate the The Mumbai incident took place when shopkeeper Jayaben Vikmani was alone at her grocery shop at 7.30pm on Thursday. An unidentified person aged around 35 came to buy a Rs 10 chocolate bar. In her police complaint, Jayaben alleged that after he gave her a Rs 500 note, she gave him Rs 490 change.

When Jayaben told her son of the “new” Rs 500 note, he compared it with one that his friend had and realised it was different.

Her son told TOI: “I found that instead of an in-built security thread, some plastic had been stuck on this note. Besides, in the new note, above the Swachh Bharat logo, there is a transparent image of Mahatma Gandhi but this note had a different one.”

The six members of the Hyderabad gang from Ibrahimpatnam here possessed fake notes in denomination of Rs 2,000 among others, all with a face value of Rs 2,22,310, Rachakonda Police Commissioner Mahesh M Bhagwat said.

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