Money is the only thing, which started ruling the creator of it. Men started using it long back just a mode of exchange and slowly it became so powerful that everyone started to have this power within them. Today the entire economy of the country depends on the balanced use of it. Any imbalance in the flow, can have disastrous effect on the entire economy.
India is also not spared from it. As the economy growing tremendously, this needs a lot of regulation in the flow of money to run it smooth. In last couple of years, it is seen that there is a lot of fake currency which is flowing in market. These days lot of transactions happening with the currency having denomination of 500 or 1000. It's easy to carry large amount of cash using Rs.500 or Rs.1000 notes. And most of the fake currency are of denomination 500 only. Sad part is, even ATMs are also vomiting fake currency. The large presence of it has a lot of impact on the economy. This is a kind of threat to the stabilization of the country. There are many rackets which are behind the flow of these currency. Home ministry has admitted that, this is mainly entering indian territory from neighboring countries. Its one kind indirect war with the country to spoil the economy. Reports says that, to manufacture a fake currency of 1000 rupees, it costs around 450 rupees. And it is mostly done in outside india.
RBI also expressed its concerned that, this would help inflation to go up. The other problem to fight for it is, the indian banks has no proper regulations to tap the flow of it. There are cases, even if a person knows that the currency which it is using is fake, she does not go to bank to submit it as in return she does not get anything. As mostly the currency of Rs. 500 or Rs.1000 are seen to be fake, there is an apprehension in the public of loosing that amount, if it is disclosed the money is fake. Hence she uses it continuoly which is a dangerous practise. Sadly there are also instances where the ATM has fake currency. So this indicates the penetration of it and how professionally they are working in spreding this deadly virus.
There is no immediate solution to stop it, but yes it can be minimized by combine effort of Banks, Police and of course Public. Bank should have proper regulation to deal with the fake currency and spreading awareness in the public. Proper reward program and exchage program for fake currency. Passing more information to identify it. Police should be more alert in busting such racket and punishing the culprit, and of course public should me more collaborative in helping these two organization. This is not a ran by a single preson instead done by people who are equally dangerous as terrorist. This is a kind of cancer in the economy and if we want to save ourself, then this can only be cured by collaborative effort by all of us.