16 Sep 2020  |   05:15am IST

After fake currency racket busted, Cong says demonetisation useless

After fake currency racket busted, Cong says demonetisation useless

Team Herald

PANJIM: A day after fake currency racket was busted by Goa Police; the Congress Party has pointed fingers at Narendra Modi led government’s “failed demonetisation” concept. 

Panjim Police on Monday had arrested five people, all resident of Chandigarh, from Calangute, having in possession over Rs 2.96 lakh fake currency. 

In a press statement issued, Goa Pradesh Congress Committee (GPCC) media cell convenor Trajano D’Mello said that the fake currency case clearly shows that counterfeit currency is very widely in circulation and yet another aim of demonetisation has fallen flat. 

“The Prime Minister’s declaration that demonetisation would rid of black money and fake currency has proven to be a myth. The reported news that fake currency has been seized in a raid which includes denomination of 200 and 2000 that never existed prior to demonetisation exposes the myth that counterfeit currency would be eradicated,” D’Mello said. 

He pointed out that as per Reserve Bank of India (RBI) annual report, fake notes of new Rs 500 series saw a 37 per cent rise in 2019-20 and there was a fall in circulation of 2000 rupee notes with the Central Bank not printing new 2000 rupee notes last financial year. 

“In 2019-20 as many as 30,054 fake notes of new Rs 500 series as against 21,865 in 2018-19 is an increase of 37 per cent,” he said quoting RBI report. 

Similarly, Congress leader said that there was a 151 per cent rise in the detection of fake Rs 200 notes. Data shows that banks and RBI together detected 31,969 fake Rs 200 notes in 2019-20, as against 12,728 in 2018-19.

D’Mello said that small traders, common man are the victims of fake currency. 


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