Mani D'mello

 

With elections round the corner, Mumbai police are on a high alert against fake Indian currency being pumped into the city as politicians covertly indulge in buying votes to meet success in the elections.

 

Mumbai’s detection crime branch based on a tip off, busted a fake currency racket operating out of Tejpal Road, Vile Parle on March 18, with the arrest of three accused, 30-year-old Mokhleshwar Kakool and 35-year-old Sikhandar Kalik of Malda in West Bengal and 22-year-old Hajiul Shaikh of Mumbai.

When the police nabbed the accused they were found carrying among themselves collectively 400 fake notes of Rs 1000 denomination. 

 

The trio is being currently being grilled by crime branch sleuths to trace the gang leaders whom the sleuths believe are involved in a nation-wide racket.

 

“Most counterfeit notes are smuggled into the country from Bangladesh through Malda and then the profit margins are routed through banks and the cash is withdrawn from ATMs located in Malda. Then the genuine Indian currency which are the profit earnings, are smuggled back into Bangladesh through the same porous Indo-Bangladesh border route,” said Deputy Commissioner of Police (Crime) Ambadas Pote.

 

In Mumbai, in the recent past the state Anti-Terrorist Squad though has not cracked any multi-crore counterfeit rackets, it has busted small fake currency rackets operating out of Mumbai in the last one year.   

 

It may be recalled that two months back the the Reserve Bank (RBI)  decided to withdraw all currency notes issued prior to 2005, including Rs 500 and Rs 1,000 denominations, after March 31 in a move apparently aimed at curbing black money and fake currencies.

 

"After March 31, 2014, it (RBI) will completely withdraw from circulation all bank notes issued prior to 2005. From April 1, 2014, the public will be required to approach banks for exchanging these notes," the RBI said in a statement.

 

The public can easily distinguish the currency notes issued before 2005 as they do not have the year of printing on reverse side. The year of printing in a small font is visible at the middle of the bottom row in notes issued after 2005. Asking people not to panic and cooperate in the withdrawal process, RBI said old notes will continue to be legal and can be exchanged in any bank after April 1.

 

"From April 1, 2014, the public will be required to approach banks for exchanging these notes. Banks will provide exchange facility for these notes until further communication," the RBI said. From July 1, 2014, persons seeking exchange of more than 10 pieces of Rs 500 and Rs 1,000 notes will have to furnish proof of identity and residence to the bank.

 

Although the RBI did not give any reason for withdrawal of pre-2005 currency notes, the move is expected to unearth black money held in cash. As the new currency notes have added security features, they would help in curbing the menace of fake currency. Currently, currency notes in denominations of Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000 are issued.