'Counterfeit currency menace will affect economic stability'

CHENNAI: Noting that counterfeit currency menace would affect the very economic stability of the country, the Madras High Court today refused bail to a Bangladesh national who was arrested last month while attempting to use fake currency of Rs 1,000 denomination.

"The offence is very grave and fake Indian currency notes have the potential to affect the economic stability of the country. Therefore, in my considered opinion, the release of the petitioner is not in public interest," said Justice S Vaidyanathan.

The judge was passing orders on the bail petition of the Bangladesh national who was arrested and remanded to judicial custody on September 4.

A cap seller, he had purchased a soap from a petty shop at Thiruporur near Chennai and gave a Rs 1,000 note in exchange. The shop-owner lodged the complaint. Earlier that day, he had purchased a lungi from a shop in the town for Rs 250 and tendered Rs 1,000 for change.

"I am of the view that bail to the petitioner will affect the general interest of society," Justice Vaidyanathan said, adding that he had tried to use fake currency on the same day.

The charge against the petitioner would reveal that he is not a suspect but an accused who himself attempted to exchange the counterfeit currency by tendering fake notes, he said.

If freed on bail, there is every possibility of the man indulging in similar activity, apart from fleeing from justice, the court said dismissing his bail petition.