However, the best way to detect fake Indian currency is to familiarize yourself with the real Indian currency. The Reserve Bank of India has a website called Paisa Bolta Hai (Money Talks) for this purpose. It contains large images of all the new Indian banknotes with detailed descriptions of their security features. The Indian government believes the notes are being taken by foreign blackmailers in Pakistan at the behest of Pakistan`s military intelligence agency Inter-Services Intelligence (ISI). India`s National Investigation Agency found that counterfeit Indian currency was used by Pakistani terrorists involved in the Mumbai attack in 2008. During the American Civil War, the Confederate dollar was heavily counterfeited by private interests on the Union side, often without the approval of the Union government in Washington. Confederation access to modern printing technology was limited, while many imitations produced in the North were printed on high-quality bank paper obtained through extrajudicial means. As a result, counterfeit Southern banknotes were often of equal or better quality than real Confederate currency. «The immutability and inviolability of blockchain technology will ensure that the currency programmable into the central bank`s digital currency is impossible to replicate. A digital rupee can reduce the threat of counterfeit banknotes and their associated use for illegal activities,» says Sharat Chandra, vice president of research and analysis at Earth ID, a blockchain company. Old banknotes are the currency notified by the Government of India in accordance with the Specified Notes (Cessation of Commitments) Act 2017 of 27.02.2017. The Act repealed the Specified Banknotes (Cessation of Debts) Ordinance 2016, which provides for the cessation of liabilities for specified banknotes (SBNs) and related and related matters from 31 December 2016. SBNs are no longer the liabilities of the Reserve Bank under Section 34 of the RBI Act and have no guarantee from the central government.
In the 1990s, Chairman Mao Zedong`s portrait was placed on the banknotes of the People`s Republic of China to combat counterfeiting, as it was better recognized than the generic designs on renminbi notes. «It will reduce many overhead costs and stimulate the economy with its efficient architecture and infrastructure. It`s important to note that we can track digital currency versus fiat currency, and this can help reduce counterfeiting and pose other money laundering challenges,» said Prasanna Lohar, Vice President of Technology at DCB Bank. Although counterfeit money is printed accurately, the Criminal Investigation Department (CID) says it can be detected with some effort. Coins printed by local blackmailers can be easily recognized as they use the photographic method, hand-engraved blocks, lithographic processes and computer color scans. In counterfeit banknotes, the watermark is made with opaque ink, painted with a white solution and embossed with a dye engraved in the image of Mahatma Gandhi. Then, oil, grease or wax is applied to give the image a translucent feel. For real notes, the safety thread is incorporated into the paper at the time of production. But in fake notes, the safety thread is imitated by drawing a line with a pencil, printing a line with gray ink or using aluminum wire while gluing two thin sheets of paper. Counterfeiters struggle to accurately reproduce the same form of individual numbers over and over again.
Aligning numbers is also difficult to maintain. Ink scattering, larger or smaller numbers, insufficient deviations and different adjustments of numbers should be viewed with suspicion. In the case of counterfeit banknotes, the printed lines are broken and ink stains may also be present. [3] Recently, it was reported that FICN fits 10 of the 14 security parameters adopted by the Indian government, suggesting that the highest quality counterfeits could only have been produced by a single nation-state. [4] [1] Monetary art is a subject related to counterfeiting that includes monetary designs or themes. Some of these works of art look so much like real invoices that their legality is questioned. While a counterfeit is made with fraudulent intent, the art of money is not; However, the law may or may not distinguish between the two. JSG Boggs was an American artist best known for his hand-drawn one-sided copies of American banknotes, which he sold for the face value of the note. [ref. In April 2018, a report by the Financial Intelligence Unit found that Indian banks not only received the largest amount of counterfeit currency in 2016-17, but also recorded a more than 480 percent increase in suspicious transactions after demonetisation. Counterfeit banknotes are even issued at bank ATMs in India, especially banknotes with higher face value.
The Indian government has gone to great lengths to solve the counterfeit problem, including changing the design of banknotes to make them harder to copy and implementing a surprising overnight demonetization of existing 500 and 1,000 rupee notes. Nations have used counterfeits as a means of warfare. The idea is to flood the enemy economy with counterfeit banknotes so that the real value of money decreases.