Swedish Traveller Was Unaware Of Demonetisation, Fined Rs 2.5 Lakhs For Possessing Rs 50,000 In Old Notes

Even three years after Demonetisation of high-value currency notes, we have seen numerous instances that highlight its failure in curbing money laundering and making it a masterstroke that was claimed on November 8, 2016.

Every now and then, we come across reports of seizures of fake currency notes. In fact, the numbers have shot up manifold in recent years and most of it has come out to be in Rs 2,000 denomination.

Now, in a strange case, a 56-year-old Swedish woman tourist has been fined over Rs 2 lakhs for being found in possession of over Rs 50,000 in demonetised currency notes.

The incident, according to a report in The Hindu, surfaced at the Cochin International Airport and the security officials had little suspect over the foreign tourist.

Apparently, security has been beefed up at all airports in the country in view of the Republic Day. The Central Industrial Security Force (CISF) at the airport has tightened baggage screening too.

They were thus able to detect 49 demonetised notes of Rs 1,000 and another five notes of Rs 500 in the woman¡¯s luggage. These notes were seized from her possession and was handed over to the Customs authorities, reported The Hindu.

The CISF were quoted as saying by The Hindu that the woman traveller had claimed that she had visited India in 2014 and those notes were from her last trip to India. She also stressed that she was not aware of demonetisation and that she was not told about it by anybody upon her arrival in India.

She was reportedly due to board a flight to Colombo but the hassle over the old notes amounted to her missing the flight. She was allowed to leave for Sri Lanka only after she paid the required fine at the Angamaly First Class Judicial Magistrate court.

Possession of more than 10 pieces of invalidated currency notes by individuals and more than 25 for study, research or numismatics is deemed a criminal offence attracting a minimum fine of Rs 10,000 or five times the cash held, whichever is higher.

Latest reports of the National Crime Records Bureau (NCRB), on the other hand, reveal that in terms of value, Rs 2,000 banknotes comprised 56 per cent of all fake currency seized in India after demonetisation (i.e. in 2017 and 2018).

Fake Rs 2,000 notes contribute the most towards the overall value of seized counterfeit currency in India. In 2017, their share was 53.3 per cent and this increased to 61.01 per cent in 2018.

NCRB's latest annual report titled 'Crime in India' reveals that in 2017 and 2018, law enforcing agencies seized Fake India Currency Note (FICN) worth Rs 46.06 crore.