Fake ₹500 Notes Flooding the Market: Here’s How to Spot the Counterfeit Bills – Union Home Ministry Warns
The Union Home Ministry has issued a serious warning regarding the circulation of fake ₹500 currency notes in the Indian market.
New Delhi: The Union Home Ministry has issued a serious warning regarding the circulation of fake ₹500 currency notes in the Indian market. The ministry has advised both the general public and businesses to remain alert as these counterfeit notes closely resemble genuine ones, making detection difficult.
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Subtle Spelling Error in Fake Notes Identified
According to officials, a minor spelling error helped identify the fake notes. In the counterfeit ₹500 notes, the word “RESERVE” in “RESERVE BANK OF INDIA” is incorrectly printed, with the letter “E” in “RESERVE” appearing as “A”—a subtle detail that may go unnoticed unless observed carefully.
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Financial Institutions Put on High Alert
The Home Ministry stated that all banks and financial institutions have been alerted about this fake currency issue. Special instructions have been sent to examine notes thoroughly during transactions to avoid accepting counterfeit currency.
Coordination with Key Intelligence and Regulatory Agencies
In response to the threat, the ministry has shared intelligence and updates with key national agencies, including:
- Directorate of Revenue Intelligence (DRI)
- Financial Intelligence Unit (FIU)
- Central Bureau of Investigation (CBI)
- National Investigation Agency (NIA)
- Securities and Exchange Board of India (SEBI)
These agencies are now working in coordination to trace the origin, printing, and distribution channels of the fake notes.
Fake Notes Almost Identical to Real Ones
Officials involved in the investigation have stated that the counterfeit ₹500 notes are highly sophisticated and bear a striking resemblance to genuine notes. This makes it particularly challenging to identify them without close scrutiny.
Counterfeit Linked to Terror Financing Activities
An officer investigating terror-related financial activities revealed that tracking the exact number of counterfeit notes in circulation is extremely difficult. The nature of these operations indicates a possible link to organized crime and terrorism financing.
What You Should Do
- Always check for spelling and security features on currency notes.
- Report any suspicious notes to local authorities or your bank.
- Businesses should use UV scanners and verification tools to detect fake currency.
