The Ministry of the Interior (MHA) increased the alarm over the circulation of the false £500 notes. MHA issued a “high importance” warning with all the main financial and regulatory institutions in India, including the Directorate for Income (DRI), Financial Intelligence (FIU), Central Bureau of Internage (CBI), National Investigation Agency and India for Securities and Exchange Exchange).
How to identify fake notes?
These counterfeit notes have a significant similarity to the original £500 notes, the only difference was the spelling mistake, according to the NewS18 report, referring to the Ministry of Home. In the sentence “Reserve Bank of India”, the term “reserve” was replaced by a letter “A”.
“This gentle error can be unnoticed without a thorough control, which makes these fakes particularly dangerous,” said government official News18.
The government has issued a high warning stating that a large number of these banknotes are possible to circulate. In addition, the government has provided a picture of a false remark to help identify such currencies.
Officials urged financial institutions and citizens to be vigilant and report such false remarks. However, the report further states that no agency will be able to estimate the number of such counterfeit banknotes in circulation. Information available to the government comes from other sources, such as counterfeit notes submitted to the public.
However, the number of counterfeit notes is much higher than what the public presents. At a recent parliamentary meeting, the government spoke about measures to reduce counterfeit remarks.
“The measures implemented include criminal provisions under Bharatiya Nyaya Sanhit, 2023 (BNS) and illegal activities (prevention) of the 1967 Act, as well as the Constitution of the National Investigation Agency (NIA), FICN (FCORD) and terrorist financing and false scales.”
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