Exploring the world of fake currency and how to end it

financialexpress.com:

In an increasingly digitized world, where cashless transactions are promoted and are widely popular, one may safely assume that the threat of fake currency has long passed. However, the reality is far worse than one could imagine. Counterfeit currency was and continues to be one of the most pressing issues in the modern interconnected world, impacting the integrity of financial systems, stability of the economies, and daily life of ordinary individuals.

The counterfeit currency continues to be a pressing issue in today’s interconnected world, threatening the integrity of our financial systems and impacting both individuals and economies. During the 2021-22 period, the rate of Fake Indian Currency Notes (FICN) detected at the RBI was 6.9% and the rate of FICN detected at other banks was 93.1%. Fake banknotes have been flooding the markets forever and the advent of newer technologies has opened new ways for counterfeiters to exploit the opportunities in their favor — resulting in jeopardizing the struggles of building and maintaining a secure and foolproof economy.

Counterfeit money remains a pervasive problem, with criminals continually finding new ways to replicate currencies. As per the National Crime Record Bureau’s reports spanning from 2016 to 2021, counterfeit currency amounting to a total face value of Rs 199.54 crore over the course of five years has been confiscated by law enforcement authorities.

The stability of the global economy depends on the smooth and seamless functioning of million activities. And when counterfeit currency enters circulation, the losses incurred can go beyond monetary terms. They can impact a wide range of sectors across the globe, including

a. Economic Peace: When counterfeit currency