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Fake currency notes with face value of Rs 400 crore are in circulation across the country, Minister of State for Finance Arjun Ram Meghwal recently told Parliament, citing a government-mandated study.
The study on Fake Indian Currency Note (FICN) issues, including estimation of FICN in circulation, was conducted by Indian Statistical Institute (ISI), Kolkata under the overall supervision of NIA (National Investigation Agency).
“As per the study, the face value of FICN in circulation was found to be about Rs 400 crore. It was found the value remained constant for the last four years,”