What Is Counterfeit Money?
The Ministry of finance has informed Lok Sabha that the value of counterfeit currency in the banking system reduced from Rs 43.47 crore in 2016-17 to about Rs 8.26 crore in 2021-22.
- Counterfeiting, manufacture of false money for gain, a kind of forgery in that something is copied so as to defraud by passing it for the original or genuine article.
- Because of the value conferred on money and the high level of technical skill required to imitate it, counterfeiting is singled out from other acts of forgery and is treated as a separate crime under section 489A of the Indian Penal Code.
- Counterfeiting is the oldest technique used by fraudsters to cheat unsuspecting individuals of their money.