New Delhi: The government on Tuesday admitted that the
problem of fake currency was "alarming and dangerous" as some
groups are trying to destabilise the Indian economy by
injecting massive doses of counterfeit notes in the country.
"There are two kinds of groups, one is of individuals
working for profits, but much more dangerous is the effort of
injecting massive doses of fake notes in the country, trying
to destabilise the economy," Finance Minister Pranab Mukherjee
said in Rajya Sabha.
In his written statement, Mukherjee also admitted that the
security breaches of the notes were last updated in 2005 while
a committee has been set up in this regard.
"The situation is alarming," he said answering
supplementaries during Question Hour.
But, it would take another two years before upgraded
security features are included in the currency notes, the
minister said.
He said it would be difficult to quantify counterfeit
currency in circulation. "It is anybody's guess," he said,
adding that as per 2005 figures there are 48.9 billion pieces
(of genuine currency) in circulation and of these 0.001 percent could be fake. There is no authentic information about
fake currency.
Mukherjee said he was not an "alarmist" as Finance
Minister. "I cannot afford to be one," he said, adding that
more cases are being detected, showing high alertness of
government agencies.
PTI
First Published: Tuesday, December 15, 2009, 14:14