Effect of Demonetization on Fake Currency notes in India

Currency and counterfeiting are two different aspects of every economy. Right from the times when currency was invented, there are stories which tell you how fake currency was produced and circulated in any part of the world. This is probably because of the fact that humans are always looking at ways to make some quick money and become rich. Just like every other currency notes, currency notes in India are also counterfeited for different purposes. With the advent of technology, making fake Indian notes has become even easier. Back in early days currency notes in India did not have the same kind of security features that are found on the current Indian notes today.

fake-indian-notes

One of the major reasons why Prime Minister Narendra Modi decided to go with demonetization was the rising number of fake currency notes in India that were circulated. During his speech on 8th November, he said that fake Indian notes were majorly used for funding terrorist activities and are also produced elsewhere. Someone had to take a bold step. Many experts still think that demonetization will only eliminate the problem of fake currency notes in India for a small period of time. Even after the new 2000 rupees Indian notes were officially released for circulation, several cases have been reported that people have already started printing fake currencies. Unfortunately the people who fall prey to this problem are those who are living in villages and do not know anything about the various security features that the notes come with. The first step would be to educate the masses about how to identify fake currency notes in India.

Off-course demonetization of currency notes in India has had a very positive effect on Indian economy. The question that arises is, will such a step curb counterfeiting of Indian notes completely, or is there a solution really?

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