In yet another significant case relating to the circulation of fake currency in the system, the currency issuing authority in India, Reserve Bank of India has alleged 103 persons for depositing forge currency notes worth Rs 53,000 in different denominations.

The plaintiff H K Soni has accused Rameshwar Dayal of Indiranagar and other 102 people for depositing counterfeit currency in the apex bank. The depositors exchanged the fake notes for original currency in different denomination.

Soni confirmed that the transactions occurred this year between January 1 to March 30.

Mostly the transactions involved currency in the denominations of Rs 100, Rs 500 and Rs 1,000.

A case was filed against the alleged in Gomtinagar police station, section 489A of Indian Penal Code.

Under Sections 489A to 489E of the Indian Penal Code, making (designing), printing, use or possession of forged or counterfeit banknotes banknote, or use of documents, instruments or materials for forging or counterfeiting banknotes are punishable acts in the Courts of Law by fine or imprisonment (ranging from seven years to life imprisonment) or both, depending on the offence.

For the first time, the government has evoked provisions of the Unlawful Activities Prevention Act (UAPA) against the circulation of fake currency in the system.

The government of India has also set a high profile committee to look into the matter. According to findings of the committee, counterfeit currency worth around Rs 1,69,000 crore has been sloshing around the system. Of the stated figure, only a small fractional amount of Rs 63 crore has been seized. The committee is working to introduce new security features in banknotes.

It is learned that the fake notes were illicitly replicated in security press based Pakistan, which includes a government press in Malir Cantonment (Karachi) besides other three.