Summary:

Counterfeit Currency debases the value of the lawful currency, increases inflation and acts against economic progress. Counterfeiting Currency and circulating it is a crime and, if done in a Country by another Country, is an act of War. Demonetization of all high value currency and encouraging digital payments is an effective counter response. Simplifying the taxation system (GST) and even removing Income Tax would result in greater revenues to the Government and remove the concept of ‘Black’ money.

Highlights

Value of Currency is trust in the issuer – Counterfeit currency is economic theft – done by a foreign Country is an act of War – action taken must be comprehensive and effective. The burden of corrective effort would be less than the economic harm such counterfeit currency would otherwise have continued to cause.

Quotations for Consideration

• “Men make counterfeit money; in many more cases, money makes counterfeit men” – Sydney J. Harris
• “Today the US Dollar is not backed by any substantial assets and is in demand only because the US is successful in maintaining it as the only currency with
  which to purchase crude oil” – Anon.
• “If you want to get rid of counterfeit money, put it in the collection plate at Church.” – George Carlin

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