RBI denies, but fake Rs 5, Rs 10 coins are a reality

Last Updated: Nov 21, 2016, 13:29 PM IST
RBI denies, but fake Rs 5, Rs 10 coins are a reality
A hydraulic press recovered from the Bawana factory. Courtsey: Indian Express

Zee Media Bureau

New Delhi: Reserve Bank of India, on Sunday, denied rumours of fake Rs 10 coin circulating in the system and said that some less informed people are creating doubts in the minds of ordinary people.

The ground reality seems otherwise, at least going by the Indian Express news report.

The report said that Delhi Police has conducted three raids in the last month or so, two in Delhi and one in Haryana, leading to recovery of fake coins of Rs 5, Rs 10 worth Rs 12.24 lakh.

The Indian Express visited the factory in Bawana and also accessed the fake Rs 5 and Rs 10 coins. The report added that at first glance, it was hard to tell that the coins are fake, and since people rarely take a second look at a coin, the menace has largely gone unnoticed.

Upon closer inspection, though, we found some small but noticeable differences between the real and the fake coins, the report added.

 The paper said that the accused have been in the business of minting fake currency coins for the last seven years, and keep changing the base to avoid getting caught. The accused alos pretended to be RBI officials to ensure that employees don’t become suspicious, and claimed they had bagged a contract to manufacture coins.

The fake coins were circulated in vegetable markets, malls, toll booths and the outskirts of Delhi-NCR.