Press Information Bureau

Government of India

Ministry of Finance

22-May-2012 19:34 IST

In terms of  information furnished by the National Crime Records Bureau (NCRB), the quantum of fake Indian currency seized and recovered during the last three years as per the information available as on date is as follows: 

To address the multi-dimensional aspects of the FICN menace, several agencies such as the RBI, Ministry of Finance, Ministry of Home Affairs, Security and Intelligence Agencies of the Centre and States, Central Bureau of Investigation (CBI) etc., are working in tandem, to thwart the illegal activities related to FICNs.  The work of these agencies is periodically reviewed by a nodal group (FCORD) set- up for this purpose.  FCORD (FICN Coordination Cell) Coordinates/shares all available information/intelligence and analysis on circulation/smuggling of FICN in the world.  At the functional level, CBI has been declared as the nodal agency for coordination with the States and the Directorate General of Revenue Intelligence (DRI) has been nominated as the Lead Intelligence Agency for the purpose.  National Investigation Agency has been empowered by National Investigation Agency Act to investigate and prosecute such offences to deal with this menace. The Government has also constituted a Terror Funding and Fake Currency Cell (TFFC) in NIA in 2010 to focus on investigation of Terror Funding and Fake Currency Cases.

Reserve Bank of India (RBI) has also initiated several measures to curb the menace of counterfeit currency. These measures include augmenting the security features, running education campaigns for members of public and cash handlers to facilitate detection of counterfeits etc.

The Government has taken steps for developing indigenous capacity in bank note paper.  Action has already been initiated for a state of the art bank note paper mill at Mysore as a joint venture between Bharatiya Reserve Bank Note Mudran (P) Ltd. And Security Printing and Minting Corporation of India Ltd. as also to augment the existing capacity of Security Paper Mill, Hoshangabad.

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in Rajya Sabha today.

DSM/Hb

Counterfeit currency controls coordinated multi-agency enforcement with empowered investigation and strengthened banknote security measures. A multi-agency framework consolidates intelligence and enforcement against counterfeit currency and terror funding: FCORD coordinates analysis and information on circulation and smuggling; CBI is the nodal coordinating agency with states; DRI is the lead intelligence agency; and the National Investigation Agency, supported by a dedicated Terror Funding and Fake Currency Cell, is empowered to investigate and prosecute such offences. Complementary measures by the Reserve Bank of India include enhanced banknote security features and education for detection, while the Government is developing indigenous banknote paper production capacity through a new mill and augmentation of existing facilities.