THURSDAY, APRIL 25, 2024
Along with all the other crime that has been engulfing Goa – attacks, rapes, assaults, drug peddling – there has now arisen another for the police to tackle, that of counterfeit notes being exchanged in the State. Fake currency being circulated in Margao’s wholesale fish market is a serious concern that requires to be immediately investigated.
Here’s what is known. The currency is circulated in the early morning hours (pre-dawn even) when business activity at the wholesale fish market is the highest and nobody has the time to pause and check the currency. The notes are of higher denominations, of Rs 100, Rs 200 and Rs 500 and there are quite a few of these being circulated in the market. Traders and others have learnt of the notes being fake when they have sought to deposit these in banks. Now, this is what is suspected. That the fake notes are being circulated daily, and that the person or persons doing this are buying fish of small value but handing over a Rs 500 note and taking the rest back in real currency.
The circulation of fake notes is not a new phenomenon, though it has not been so prevalent in the past. As per the complaints, it does appear that the incidence is quite high. One advantage the the police have is that the notes are suspected to be circulated at this one wholesale fish market, making it easier for them to probe into the matter. It is obvious that this is a planned operation as the market is crowded, the transactions happen in the early hours when the light is not bright and there is an urgency to get the trade completed. It is also certain that this market sees almost the same persons doing business on a regular basis, which should narrow down the list of suspects. Can the police therefore act quickly?
Five year ago, the Centre had overnight withdrawn from circulation currency notes of certain denominations, one of the reasons for this being to stem the fake notes in the system. The gains of demonetisation have been extremely negligible, especially in the efforts to reduce fake currency. Essentially, five years after demonetisation, fake currency is again in circulation and after an initial drop in fake currency notes found soon after november 2016, it could even be increasing. As per the annual report of the Reserve Bank of India released earlier this year, while there has been a decrease of 29.7 per cent in the circulation of fake currency from the previous year, the number of fake Rs 500 notes increased by 31 per cent.
Circulating fake notes is a serious offence and can lead to major economic instability in a country. Any increase in fake notes being circulated in a country immediately brings down the value of the real money. Simultaneously, it gives rise to inflation as there is more money. It also leads to traders becoming reluctant to accept paper money for fear that it could be detected as fake and them losing it. More importantly in India, fake currency has been known to be used in crossborder infiltration activities. It turns imperative for the authorities not just to investigate the fake currency being circulated, but track its source.
Goa Police have a new type of crime to tackle and they have to do it quickly. The fake currency case may currently be restricted to Margao, but the notes once in circulation can soon spread across the State. Since there are complaints filed already, the police must probe quickly before it spreads. Earlier this month the Delhi Police busted a fake currency printing racket. The crime cannot be ignored. It has to be tackled resolutely.
