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If you thought the new Rs 2,000 notes are indigenous and cannot be faked, these four men have proved you and the Indian government wrong. Four men from <a href="http://www.businessinsider.in/searchresult.cms?query=Bengaluru+&amp;sortorder=effectivedate">Bengaluru </a>used a copier and some glitter to make fake Rs 2,000 rupee notes and even used them at several shops. 
 
These men used the fake currencies across eight <a href="http://www.businessinsider.in/searchresult.cms?query=liquor+shops+&amp;sortorder=effectivedate">liquor shops </a>within four days, but were arrested later. 
 
"We have recovered eight notes. Investigations are on and we will probably recover all 25 notes," senior police officer MN Anuchet told <a href="http://www.ndtv.com/bangalore-news/how-to-make-fake-rs-2-000-notes-bengaluru-men-used-a-copier-and-glitter-pen-1640458?pfrom=home-lateststories">NDTV.</a> 
 It all started with 25 crisp <keyword id="6364565" type="UNKNOWN" weightage="20" keywordseo="Fake-Notes">fake notes</keyword>, generated on a photocopy machine at a friend's shop. 
 
"Shashank and Madhu Kumar copied the new 2,000 rupee denomination note in their friend's Xerox shop. Then they had cut the paper according to size. They used a glitter pen to give that green tinge," said Anuchet. 
 
Apart from these two, there were two other friends - Kiran Kumar and Nagaraj – who were also in on the plan. They were caught when a shop keeper suspected that the note he had been handed was fake. 
 
Two of the accused men worked in a mobile shop, one is a mechanic and one drives an auto. 
 Two of the men have diplomas from the <keyword id="6368889" type="ORGANIZATION" weightage="20" keywordseo="iti">ITI</keyword> or <a href="http://www.businessinsider.in/searchresult.cms?query=Industrial+Training+Institute.&amp;sortorder=effectivedate">Industrial Training Institute.</a> 
 
The notes they made looked quite real at first glance. 
 
The police officer said, "It looks quite genuine in the first instance. Only the paper feels different... and if you are aware of other safety features."

This is how 4 men produced fake Rs 2, 000 notes and fooled 8 shopkeepers

When the whole nation is standing in queues and facing problems related to cash cruch. The income tax (I-T) department confiscated more than Rs 4.7 crore during searches in a dozen premises in <keyword id="6354321" type="CITY" weightage="100" keywordseo="Bengaluru">Bengaluru</keyword> and other locations. 
 
According to the officials, searches were started on the premises of two engineers, working with the state government, and some "connected persons". 
 The operation started early morning and a team of over 50 I-T officials searched premises in Bengaluru, Chennai and Erode (<keyword id="20154" type="ORGANIZATION" weightage="20" keywordseo="tamil-nadu">Tamil Nadu</keyword>). 
 "During the course of searches Rs 4.7 crore cash in new denominations of Rs 2000 and 0.3 crore in old/smaller denominations totaling Rs 5 crore and 7 kg bullion worth approximately Rs 2 crore were found in a flat owned by a civil contractor. The new notes and bullion are learnt to have been obtained by exchange of demonetised notes by payment of commission of an engineer and a contractor," the <keyword id="121964" type="ORGANIZATION" weightage="20" keywordseo="Central-Board-of-Direct-Taxes">Central Board of Direct Taxes</keyword> (<keyword id="128665" type="ORGANIZATION" weightage="20" keywordseo="CBDT">CBDT</keyword>), the policy-making body of the tax department, said in a statement here. 
 
The officials also seized some notes of Rs 100, demonetised notes of Rs 500 and a few gold biscuits during the operation, it said, adding the department had to call in note counting machines and additional staff to ascertain the value of the cash. 
 
Several Identity cards of various individuals were also found at the scene. 
 
The most shocking fact is that the whole country is lining to get the new currency but these people had a sheer amount of new currency stashed. 
 
"This is the highest seizure of the new currency in the country post the currency ban on November 8. Some entry operators and bankers in Karnataka and Tamil Nadu are under the scanner. Such volume of new currency cannot be obtained without connivance of bank officials," a senior I-T department official told PTI. 
 
(image: indiaTimes)

I-T officials seize Rs 4.7 crore in new currency notes in Bengaluru

Prime Minister Narendra Modi’s demonetization scheme was supposed to flush out the <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword> in the country but post demonetization many instances of people hoarding money in the new denominations have surfaced. 
 
While the whole country is lining up in front of banks and ATMs, a little known lawyer whom many could not recognise by name in the Supreme Court or the Delhi high court where he claimed to have a "thriving practice" was caught by I-T authorities a third time with a hoard of unaccounted cash, stashed in bundles of banned Rs 500 and Rs 1,000 notes as well as in wads of Rs 2,000, totalling at least Rs 13.48 crore. 
 
During the I-T raids, the I-T team along with Delhi police's crime branch found cabinets and secret chests at Rohit Tandon's office in the upscale GK-1 area filled with notes. Several cartons containing cash were also found. 
 
Tandon was kept under surveillance for about two months, ever since the I-T department made a stunning haul of Rs 125 crore in its first raid on the lawyer on October 7. Sunday's raid was the third on him, the second being two weeks ago and yielding Rs 19 crore in unaccounted income. 
 
Now the I-T team is working on how Tandon managed to collect Rs 2.61crore in newly minted Rs 2,000 notes. Involvement of bank officials has not been ruled out and some top bank functionaries may be arrested. 
 
After the first two searches, Tandon declared Rs 144 crore in unaccounted income. Now after all the searches, the total unaccounted income recovered from the lawyer has touched Rs 157 crore. 
 
The police said Tandon had gone underground. Search is on for him. 
 
Tandon's connections and his financial transactions were still being trailed when I-T officials made another search of his bank lockers and discovered new accounts. The second search led to seizure of Rs 19 crore from banks. The third I-T raids and police searches began on Saturday night and continued through Sunday.

Tax officials recover Rs 157 crore in new and old notes from a Delhi lawyer for the third time

It’s been over a week since the <a href="http://www.businessinsider.in/searchresult.cms?query=prime+minister+narendra+modi&amp;sortorder=effectivedate">Narendra </a><a href="http://www.businessinsider.in/searchresult.cms?query=prime+minister+narendra+modi&amp;sortorder=effectivedate">Modi</a>-led government <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetised</a> 86% of India’s currency. The ripple effects are being felt far and wide. Even as the government scampers all its resources to deal with the magnanimity of the issue, we bring to you the real picture behind it and the<a href="http://www.businessinsider.in/searchresult.cms?query=cash+crunch&amp;sortorder=effectivedate"> aftermath</a> the country and its people have to deal with. 
 
 
(Images: Reuters/Indiatimes)

Explained: What is the real aftermath of cleaning out 86% of India’s currency

<keyword id="204019" type="ORGANIZATION" weightage="100" keywordseo="Nepal-Rastra-Bank">Nepal Rastra Bank</keyword> on Thursday banned the use of India’s new currency notes of Rs 500 and Rs 2,000 denomination, terming them “unauthorised and illegal”. These two currency notes were issued by the <keyword id="6354335" type="CITY" weightage="100" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> recently after old Rs 500 and Rs 1,000 denomination notes were withdrawn. <keyword id="12266" type="COUNTRY" weightage="100" keywordseo="Nepal">Nepal</keyword> Rastra Bank (NRB) has called the new currency notes “unauthorised and illegal”. 
 NRB spokesperson Narayan Poudel said these new currency notes are not yet legal in Nepal, according to Onlinekhabar.com. Poudel said these notes will be legal in Nepal only when India issues a FEMA notification as per the <keyword id="6368276" type="COMPANY" weightage="100" keywordseo="Foreign-exchange">Foreign Exchange</keyword> Management Act. India is likely to issue a FEMA notification, allowing people in Nepal and India to possess certain amount of Indian currency. Earlier, a ban was in effect in Nepal till last year against the use of Rs 500 and Rs 1,000 denominations notes. Authorities had lifted this ban after the visit of Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> to Nepal. Nepal last year allowed people to carry Indian Rupees of higher denominations upto Indian Rs 25,000. 
The Reserve Bank of India had formed a task force to ease currency exchange facility in Nepal for non-Indians who possess the now-defunct notes of 500 and 1,000 denominations.

Nepal bans use of new Indian Rs 500 and Rs 2000 notes, calls them illegal

Mysore’s little airport often ignored by flying citizens of India has a major role to play in the demonetization move of the <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> government. A chartered plane stacked with new Rs 2000 notes has been ferried from the government press in Mysore to the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) headquarters in Delhi. 
 Shrouded under extreme secrecy over the last six months, a private chartered flight quietly took off and landed at the airstrip at <keyword id="2798828" type="UNKNOWN" weightage="20" keywordseo="mandakalli">Mandakalli</keyword> in a long series of flights. These flights were to several large cities - including <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword> - where the Reserve Bank of India branches are located. 
 The special missions were meant to carry stashes of crisp Rs 2,000 notes, printed at the currency note printing press in <keyword id="6358119" type="UNKNOWN" weightage="20" keywordseo="mysuru">Mysuru</keyword>, and deposit them at various RBI branches in other cities. That was in preparation to roll out the demonetisation scheme to catch black money hoarders off-guard. 
 
The two-decade-old press - which is rated one of the best currency printing presses in the world -- had also handled the printing of the first Rs 1,000 notes. It has its own currency paper production unit in its premises where the special security currency paper is manufactured. 
 
The printing of Rs 2,000-denomination notes began about six months ago. Nobody had even got a whiff of what was round the corner. 
 
On Thursday, after six months of flight operations transported the new currency, the banks across the country were supplied the new Rs 2,000-denomination currency notes for issuance to the public - ranging from Rs 20 lakh to Rs two crore per bank/branch, depending on the size. 
 
The Union government had hired the services a private chartered flight operator to ferry the stashes of new currencies from the Mysuru press to various RBI branches. The Centre paid a total of 1 lakh Euros (about Rs 73,42,000) to the private charter through RBI Bengaluru's account at one of <keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> branches. 
 "The charter flights flew regularly to the airports nearest to where the new notes were destined for. The new currency notes were transported in vehicles and under heavy guard to the RBI branches,'' an official told the <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword> who has been privy to the entire operation, but preferring to speak on condition of anonymity.

Mysore’s little airport secretly regulated
chartered flights to ferry all Rs 2000 notes from the mint

Restrictions on withdrawal of cash from banks and ATMs are likely to continue beyond December 30 as currency printing presses and RBI have not been able to keep pace with the demand of new currency notes, as per an agency report. 
 
As the 50-day deadline for completion of demonetisation process draws near, there is a growing consensus among bankers that the restrictions on withdrawal would have to continue even in the New Year so as to maintain orderly working at the banks. 
 
Banks at many places are not in a position to disburse even the current limit of Rs 24,000 per week due to cash crunch and are rationing the valid currency depending on cash availability. 
 
If this limit is withdrawn for individual and businesses from January 2, it is unlikely that banks would be able to disburse the higher demand for valid currencies given the current cash position. 
 
"Most of us think that the withdrawal limit would not be completely withdrawn. It is a possibility that it could be relaxed if the cash situation improves," said a senior public sector bank official. 
 At a time when banks are struggling to methe demand of individual customers, it would be impossible to service <keyword id="6358354" type="ORGANIZATION" weightage="20" keywordseo="MSME">MSME</keyword> and big corporates which requires cash in large quantity, the official said, the practical way would be to relax it gradually. 
 Recently, SBI Chairperson <keyword id="6379603" type="PERSON" weightage="20" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword> had also indicated that restriction on withdrawals cannot be lifted entirely unless more cash is made available to banks. 
 
After the demonetisation of high value Rs 500/1000 notes, the government has fixed a limit of Rs 24,000 per week on withdrawal from bank accounts and Rs 2,500 per day from ATMs in view of the currency crunch that followed. 
 The government and RBI has not specified when the restrictions will be withdrawn. <keyword id="46929" type="POSITION" weightage="20" keywordseo="Finance-secretary">Finance Secretary</keyword> <keyword id="124932" type="PERSON" weightage="20" keywordseo="Ashok-Lavasa">Ashok Lavasa</keyword> had said the withdrawal cap would be will be reviewed after December 30. 
 
Even bank unions are also of the opinion that the restrictions cannot be done away with in one go. 
 In all likelihood the restriction on withdrawal would continue for some more time in the best interest of banks as well as customers at large, said All India Bank Officers' Confederation (AIBOC) General Secretary <keyword id="115352" type="PERSON" weightage="20" keywordseo="Harvinder-Singh">Harvinder Singh</keyword>. 
 
The situation of currency supply is known to everyone and it would be difficult to lift the limit from January 2, Singh said, adding that SME and small businesses are waiting for cap to go so that they can withdraw as per their requirement. 
 <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has infused Rs 5.92 lakh crore in the banking system between November 9 and December 19 against Rs 15.4 lakh crore of scrapped notes. 
 
According to RBI, banks had got deposits of Rs 12.4 lakh crore defunct notes by December 10.

Cash crisis isn't ending after 30 Dec as note printing presses aren't able to keep with the pace

Post <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword>, people are standing in queues just to get a hold of the new bank notes, specially Rs 2,000 note. Some people need the note to fulfill their daily requirement while others just want to show it off. 
 
But, the need for new banknotes is just increasing with each passing day as more and more services have stopped taking old notes. Taking advantage of the situation, people who got their hands on the new Rs 2000 note are selling it on eBay. 
 Things went bizarre when people are selling the new Rs 2,000 note on <keyword id="161767" type="COMPANY" weightage="20" keywordseo="eBay-India">eBay India</keyword> at a hefty price starting from Rs 3,500. Some are selling their new notes at an unimaginable price of Rs 1.5 lakh as the new currency notes have some religious importance. For instance, a series of five Rs 2,000 notes starting with the number 786, were being offered by a seller on the marketplace for Rs 1.51 lakh. 
 
"In India, people are ready to pay a premium for goods that sport numbers with religious significance such as vehicle number plates, mobile numbers or even residential addresses,” a New Delhi-based astrologer, who did not want to be named, told TOI. 
 
eBay, on this matter said that they are an independent online marketplace and an intermediary and doesn’t control the items listed by independent sellers on the site. 
 
"There has been no successful transaction for Rs 2,000 currency notes,” the spokesperson told TOI. 
 
However, after the inquiry , he said the company was disabling access to the notified listings to avoid any sort of legal hassle. 
(image: indiatimes)

You Searched For "new currency notes" and got 8 results

This is how 4 men produced fake Rs 2, 000 notes and fooled 8 shopkeepers

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I-T officials seize Rs 4.7 crore in new currency notes in Bengaluru

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Tax officials recover Rs 157 crore in new and old notes from a Delhi lawyer for the third time

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Explained: What is the real aftermath of cleaning out 86% of India’s currency

Debdatta Das

Nepal bans use of new Indian Rs 500 and Rs 2000 notes, calls them illegal

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Mysore’s little airport secretly regulated chartered flights to ferry all Rs 2000 notes from the mint

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Cash crisis isn't ending after 30 Dec as note printing presses aren't able to keep with the pace

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Bizarre! Rs 2,000 note goes on sale for Rs 1.5 lakh on eBay

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