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Delhi High Court Refuses Bail To Person Allegedly Part Of Fake Currency

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Justice Subramonium Prasad stated that the circulation of fake currency notes adversely affected the financial health of the nation and that fake production has reached such a “level of immaculate sophistication”.

New Delhi: 

The Delhi High Court has refused bail to a person allegedly part of a syndicate which prints and circulates fake Indian currency notes, saying that it not only cripples the economy but also breeds drug smuggling and funds undesirable terrorist outfits.

Justice Subramonium Prasad stated that circulation of fake currency notes adversely affected the financial health of the nation and that fake production has reached such a “level of immaculate sophistication” that they have become “indistinguishable from real currency notes and have become a high profiteering business.”

“Circulation of fake currency notes is severely detrimental to the economy and hampers the financial regulation of the country. The production of counterfeit currency notes often stems from dissatisfaction with a country’s growth, and is therefore, aimed at financially disintegrating and destabilising the steady equilibrium of liquidity in the economy.

“Counterfeiting of currency notes breeds drug smuggling, purchase of illegal arms and ammunition, funding of undesirable terrorist outfits, cross-border money laundering, human trafficking and various other phenomena. It has a disastrous effect on the economy,” the judge said in his order dated August 23.

He added that Sections 489A, 489B, 489C, 489D and 489E of the Indian Penal Code, which deal with offences pertaining to fake currency, were specially inserted by the legislature to protect the economy of the country.

In the present case, the court noted, the petitioner-accused was apprehended by police following a “secret information” that a Dubai-based Pakistani national was trying to bring fake Indian currency notes in the country.

The petitioner was arrested in a raid with fake Indian currency notes with a face value of ? 44,000 and a “syndicate of procurement, printing, circulation and distribution of fake Indian currency notes” was unearthed, it further recorded.

Dismissing the bail plea, the court observed that the “petitioner is a part of the well-oiled machinery/syndicate dealing in printing and circulation of fake currency notes and it has the propensity of having a disastrous effect on the country’s economy”.

“The petitioner is alleged of committing extremely serious offence which has the effect of crippling the economy of the country,” the court said.

“The petitioner has been found in possession of Fake Indian Currency Notes and the purpose of these fake currency notes were meant for circulation lest there is no point having counterfeit currency notes. Maximum punishment for offence under Section 489D is imprisonment for life. This Court is, therefore, not inclined to grant bail to the petitioner at this stage,” he added.

 

Delhi High Court Refuses Bail To Person Allegedly Part Of Fake Currency

The petitioner was arrested in a raid with fake Indian currency notes with a face value of ? 44,000.

New Delhi: The Delhi High Court has refused bail to a person allegedly part of a syndicate which prints and circulates fake Indian currency notes, saying that it not only cripples the economy but also breeds drug smuggling and funds undesirable terrorist outfits.

Justice Subramonium Prasad stated that circulation of fake currency notes adversely affected the financial health of the nation and that fake production has reached such a “level of immaculate sophistication” that they have become “indistinguishable from real currency notes and have become a high profiteering business.”

“Circulation of fake currency notes is severely detrimental to the economy and hampers the financial regulation of the country. The production of counterfeit currency notes often stems from dissatisfaction with a country’s growth, and is therefore, aimed at financially disintegrating and destabilising the steady equilibrium of liquidity in the economy.

“Counterfeiting of currency notes breeds drug smuggling, purchase of illegal arms and ammunition, funding of undesirable terrorist outfits, cross-border money laundering, human trafficking and various other phenomena. It has a disastrous effect on the economy,” the judge said in his order dated August 23.

He added that Sections 489A, 489B, 489C, 489D and 489E of the Indian Penal Code, which deal with offences pertaining to fake currency, were specially inserted by the legislature to protect the economy of the country.

In the present case, the court noted, the petitioner-accused was apprehended by police following a “secret information” that a Dubai-based Pakistani national was trying to bring fake Indian currency notes in the country.

The petitioner was arrested in a raid with fake Indian currency notes with a face value of ? 44,000 and a “syndicate of procurement, printing, circulation and distribution of fake Indian currency notes” was unearthed, it further recorded.

Dismissing the bail plea, the court observed that the “petitioner is a part of the well-oiled machinery/syndicate dealing in printing and circulation of fake currency notes and it has the propensity of having a disastrous effect on the country’s economy”.

“The petitioner is alleged of committing extremely serious offence which has the effect of crippling the economy of the country,” the court said.

“The petitioner has been found in possession of Fake Indian Currency Notes and the purpose of these fake currency notes were meant for circulation lest there is no point having counterfeit currency notes. Maximum punishment for offence under Section 489D is imprisonment for life. This Court is, therefore, not inclined to grant bail to the petitioner at this stage,” he added.

 

The court also considered that charges in the bail were yet to be framed and the chances of the petitioner absconding or continuing to indulge in the same activity on release could not be ruled out at this juncture.

 

 

Source: NdTv

 

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Delhi: Najafgarh section on Grey Line opens on Saturday

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The Grey Line connects Dwarka to Najafgarh. The 891-metre-long Najafgarh-Dhansa Bus Stand section will take the Metro further into the interior areas of Najafgarh.

Image Courtesy : financialexpress.com

The Najafgarh-Dhansa Bus Stand section on the Grey Line of the Delhi Metro will be inaugurated Saturday. Passenger services on the section will commence at 5 pm on the same day. The Grey Line connects Dwarka to Najafgarh. The 891-metre-long Najafgarh-Dhansa Bus Stand section will take the Metro further into the interior areas of Najafgarh.

The section will be inaugurated via a video conference at 12.30 pm, by Union Minister for Housing and Urban Affairs Hardeep Singh Puri and Delhi Chief Minister Arvind Kejriwal. Transport Minister Kailash Gahlot and Union Minister of State for Housing and Urban Affairs, Kaushal Kishore, will also be present at the inauguration.

Source : Indian Express

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Delhi Cabinet Rejects the list of police for the farmer’s protest violence.

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Representative Image | Image Source : PTI

Delhi Cabinet, last Friday refused to approve Delhi Police’s list of special public prosecutors for appearing within the lawsuits associated with violence during the January 26 farmers’ protest.

It observed that the method won’t be fair and impartial if the lawyers of Delhi Police which is investigating the cases, were appointed. It had been decided that a panel of prosecutors appointed by the Aam Aadmi Party government will do the work.

In a separate decision, the Cabinet of New Delhi had also refused to offer its nod to a different panel of three lawyers recommended by Delhi Police for the northeast Delhi riot cases.

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SBI reduces its home loan interest rates to 6.7%

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Picture : SBI

State Bank of India (SBI), has launched a wreath of festive offers for home equity credit customers where offers are aimed to form home loans cheaper within the festive season. during an unparalleled initiative, SBI offers a credit score that is linked to home loans at just 6.70%, regardless of the loan amount.

Earlier a borrower availing of a loan greater than ?75 lakh, had to pay a rate of interest of 15%. With these new festive offers, a borrower can now avail of home equity credit for any amount at a low rate of 6.70%. The offer leads to a saving of 45 bps which translates to an enormous interest saving of quite Rs. 8 lakh, for a ?75 lakh loan with a 30-year tenure.

Earlier, the speed of interest applicable for a non-salaried borrower was 15 bps above the rate of interest applicable to a salaried borrower, in this festive offer SBI has removed its dissimilarity between a salaried and a non-salaried employee.

Now, there’s no occupation-linked interest premium being charged to prospective home equity credit borrowers. this is able to cause an extra interest saving of 15 bps to non-salaried borrowers.

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