Team Herald
MARGAO: The circulation of counterfeit Rs 500 currency notes has raised alarm among the public and business community in the coastal belt of Salcete, with several shopkeepers and traders voicing concerns over a rise in fake notes being used during routine transactions.
In a recent incident, the owner of a liquor shop in Benaulim lodged a formal complaint at Colva police station on 1 May after detecting a counterfeit Rs 500 note during the day’s cash tally.
According to the complainant, the note initially appeared genuine but was later flagged due to inconsistencies in texture and watermark.
“It looked just like any other Rs 500 note, but on closer inspection, we realised it lacked the security features present in genuine currency,” the shop
owner said.
Colva police have initiated an investigation and are in the process of registering a case. Officers are currently reviewing CCTV footage from the shop and surrounding areas to trace the source of the fake note. Preliminary findings suggest that this may not be an isolated incident, and investigators are examining the possibility of a broader network involved in distributing counterfeit currency.
In response to the incident, authorities have urged all businesses—particularly those dealing with high volumes of cash—to stay vigilant and verify currency notes carefully. Anyone who comes across suspicious notes is advised to report them immediately to the nearest police station.
The incident has caused unease within the local business community, particularly among small traders and vendors who rely primarily on cash transactions.
Several shopkeepers have expressed concern over the lack of awareness and access to tools to detect counterfeit currency on the spot. The Reserve Bank of India (RBI) has issued guidelines in the past to help identify fake notes, including features such as watermarks, security threads, colour shifting ink, and micro-lettering. Local police are now considering conducting awareness drives for shopkeepers and the general public on identifying counterfeit currency more
effectively.