What is the effect of fake currency on Indian?

Legal aspect. According to Indian law, possessing fake notes is a punishable offence, but only if the person in question is aware that the notes are fake. The Indian government intends to classify offences involving high-value FICN as terror acts, with an amendment to the Unlawful Activities (Prevention) Act.

How do you detect fake notes?

Run your finger across the paper note and if it’s genuine, you should be able to feel the raised print on areas such as the words ‘Bank of England’ on the front. If it’s a counterfeit, the note is unlikely to have a textured feel to it and will feel flat all over.

What is the most counterfeited note?

The $20 (£15) bill is the most commonly counterfeited banknote in the US, while overseas counterfeiters are more likely to make fake $100 (£78) bills.

How long does the average 10 note remain in circulation?

For example, larger denominations such as $100 notes are often used as a store of value, which means they pass between users less frequently than lower-denominations such as $5 notes, which are more often used for transactions….How long is the lifespan of U.S. paper money?

How long is jail for fake currency India?

The maximum punishment for offence under Section 489D (making or possessing instruments or materials for forging or counterfeiting currency) is imprisonment for life.

What is the hardest currency to fake?

One estimate detailed that more than 75\% of the nearly $600 billion in $100 bills circulates outside of the U.S. Due to its popularity, the American $100 bill is one of the most counterfeited currencies, but also one of the most difficult to fake.

Is my 50 note real?

(1)Check he paper and raised print Banknotes are printed on special paper that gives them their unique feel. By running your finger across the front of the new-style 50 pound note you can feel raised print in areas such as the words ‘Bank of England’ and in the bottom right corner, around the number 50.

Are counterfeit products illegal in India?

India has no specific Act which specifically deals with counterfeiting of products. However, the Intellectual Property Law in India envisages provisions which prohibit Counterfeiting as counterfeiting is directly linked with the IPR rights of the aggrieved brand/individual.

What is the circulation of fake Indian currency notes?

In India, the circulation of fake Indian currency notes (FICN) has been on the rise, according to the Reserve Bank of India’s (RBI) annual reports. The year 2014-2015 saw a steep rise, with 594,446 FICN detected, up from 488,273 in the year 2013-14.

How many coins are there in circulation in India?

Coins in circulation comprise 50 paise and Rs 1, Rs 2, Rs 5, Rs 10 and Rs 20 denominations. A total of 39,453 fake banknotes of Rs 500 denomination of Mahatma Gandhi (New) Series were discovered during the year and 1.11 lakh fake notes of Rs 100 were detected during the year.

What happened to the old 500 rupee notes in India?

On 8 November 2016, Prime Minister of India, Mr. Narendra Modi announced that the hitherto existing 500 and 1000 rupee notes cease to be legal tender. He said that the move is taken to curb black money and widespread counterfeit currency in the country. He introduced new ₹500 and ₹2000 notes, and discontinued the hitherto existing ₹1000 note .

How to detect fake Rs 500 banknote?

Here’s how to detect fake Rs 500 banknote 1. ‘500’ numeral at the bottom left-hand of the obverse side of the note is see-through 2. Latent image with the denomination numeral ‘500’ is visible