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NEW DELHI, Dec. 15 (APP) Indian Finance Minister Pranab Mukherjee informed the Parliament on Tuesday that issue of fake currency was alarming and dangerous as some groups were trying to destabilise the economy. "There are two kinds of groups, one is of individuals working for profits, but much more dangerous is the effort of injecting massive doses of fake notes in the country, trying to destabilise the economy," he was replying to supplementary questions in Lok Sabha.
According to reports, notes of Rs. 500 and 1000 denominations are in circulation in great number, often creating unpleasant situation in the markets and banks.
The Minister admitted that security features of the notes were last updated in 2005 while a committee had been set up to update it. However,
he said this task would take another two years.
To another question, he said it would be difficult to quantify counterfeit currency in circulation. "It is anybody's guess," he said.
According to 2005 figures there are 48.9 billion pieces (of genuine currency) in circulation and of these 0.001 per cent could be fake. But. there is no authentic information about fake currency, he added.
The Minister admitted that security features of the notes were last updated in 2005 while a committee had been set up to update it. However,
he said this task would take another two years.
To another question, he said it would be difficult to quantify counterfeit currency in circulation. "It is anybody's guess," he said.
According to 2005 figures there are 48.9 billion pieces (of genuine currency) in circulation and of these 0.001 per cent could be fake. But. there is no authentic information about fake currency, he added.
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