Currency Users

India Attempts Crack Down on ‘Financial Terror’

Experts believe 95 per cent of the security features were accurately reproduced in a recent seizure of counterfeit rupees.

Experts believe 95 per cent of the security features were accurately reproduced in a recent seizure of counterfeit rupees.

India will put together a ‘financial terror dossier’ this week in an attempt to garner international support in pressuring Pakistan to immobilize a booming counterfeit currency ring that exports bogus Indian banknotes into the country.

Since the attacks in Mumbai last November, India has been aggressively building a number of cases against the neighboring Pakistan, including a case against counterfeiting.

“There is enough evidence with us of Pakistan’s incriminating role in printing fake Indian currency notes and pumping it into India,” a senior intelligence official told DNA, an Indian news outlet.

Indian intelligence agencies such as the Central Bureau of Investigation believe there are multiple fake printing units throughout Pakistan, and reports indicate that the country has been importing currency paper and ink in massive quantities from European countries for diversion into counterfeit notes.

Authorities, bank officials, and experts have been shocked by the amazing accuracy in the reproduced rupees. Recently seized notes could not be detected as counterfeit by the naked eye.

Currency specialists say the security features on these counterfeit notes have been copied with over 95 per cent accuracy, including – among others – the light and shade effect and multi-directional lines in the watermark of the Mahatma Gandhi series.

Earlier this month, the Reserve Bank of India announced it would begin a trial period of introducing low-denomination polymer banknotes in an attempt to combat counterfeiting (Read: India To Begin Trial Period for Polymer Banknotes).

SOURCES:
DNA: “India gears up to tackle ‘financial terror’”
Reserve Bank of India: Security Features

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