The value of fake currency in circulation at any given time is Rs 400 crore, and 250 in every million notes are fake, according to this 2015 joint study by the Indian Statistical Institute and National Investigation Agency, to analyse fake-currency trends, especially those originating across India’s borders.
The study estimated that fake currency worth Rs 70 crore enters circulation every year, with agencies only being able to intercept one-third of it, the Times of India reported in May 2016. The detection of fake currency is carried out primarily by commercial banks, but such reporting is irregular: Only three banks–Axis, HDFC and ICICI–report about 80% of fake currency detected.
In 2012, the then Finance Minister of India Pranab Mukherjee wrote a white paper on black money in India, which revealed that the cash component of undisclosed incomes ranged from 3.7% to 7.4%, based on searches conducted by the Central Board of Direct Taxation.
(Sourced from agencies, feature image courtesy:oneindia.com)
