The Hindu : Tamil Nadu / Chennai News : Counterfeit currency circulation "reaches" greater proportions

Online edition of India's National Newspaper
Sunday, Jan 28, 2007
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Tamil Nadu

Tamil Nadu - Chennai

Counterfeit currency circulation "reaches" greater proportions

Staff Reporter

Now the printing is being done abroad, says official

CHENNAI: Circulation of counterfeit currency to destabilise a country's economy has reached greater proportions in recent times, P. Babu, Additional Director-General, Directorate of Revenue Intelligence, said on Thursday.

Speaking at the International Customs Day, he said this was evident from the cases registered by the DRI. Earlier the notes were printed in the country, so they could be easily identified. Now the printing was being done abroad.

Sometime ago, DRI officials at the airport seized counterfeit notes to the tune of Rs 40 lakh. They also received information that counterfeit notes totalling Rs. 3 crore was produced. Later the police in a neighbouring country seized counterfeited notes worth Rs. 2.60 crore. This tallied with the information received by the DRI.

S. Chandrasekaran, Controller-General of Patents, Designs, Trademarks and Geographical Indications, said that in other countries, the Intellectual Property Rights included copyright of books, patents, designs, trademarks and geographical indications. But in India, the copyright was vested with the Union Ministry of Human Resource Development, and the rest of the items with the Union Ministry of Commerce and Industry.

A.K. Srivastava, Chief Commissioner of Customs, said the Custom House in the city was conducting auctions on the Internet since 2003 for the disposal of confiscated, abandoned, and time-expired bonded goods.

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