Most of the fake currency seized were Rs 2,000 and Rs 500, says MHA

The Ministry of Home Affairs on Tuesday said that most of the fake currency notes seized from Jammu and Kashmir after the government’s demonetisation drive were new Rs 2,000 and Rs 500 notes. The ministry said 98 fake Rs 2,000 notes and 68 fake Rs 500 notes were seized between November 9, 2016, and July 14.

Citing the National Crime Record Bureau’s data, the ministry said the total value of the seized currency was Rs 2.60 lakh. The seized currency also included 60 old Rs 500 notes. Minister of State for Home Affairs Hansraj Gangaram Ahir made the statement in in response to a question in the Lok Sabha.

The ministry also added that the value of fake currency of older Rs 500 and Rs 1,000 notes seized till July 14 this year from across country was Rs 6.87 crore. The value of counterfeit currency seized in 2016 was Rs 14.16 crore and Rs 14.81 crore in 2015, reported The Times of India.

The ministry also claimed that the note ban had a “positive impact” in reducing violence in the country. “Since illegally paid cash forms the major chunk of terrorists’ funding, after the demonetisation, most of the cash held with the terrorists turned worthless,” Ahir told the House. “Demonetisation also led to instant extinguishment of Pakistan-printed high quality fake Indian currency notes. It also affected hawala operators.”

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