Why counterfeiters having hard time with discontinuation of old 500 / 1000 Rs. notes

Why counterfeiters having hard time with discontinuation of old 500 / 1000 Rs. notes
Raman Kalia - September 04, 2018

Black money has ever so been a curse for our economy. There have been hoarders of cash who stashed and utilised it for all unfair illicit purposes. It has been considered a great influencer in corrupting our social-economic system and creating great deal of inequality. Therefore, yesterday's move by Indian Government to discontinue the use of old high value 500 and 1000 rupees notes have been welcomed by all. Of course baring those who have stashed the cash. So, without rendering any sympathy with understanding that times are tough for them.

Besides feeling just it gives me an elated feeling of pleasure as well, as this decision of the government does not only unearth the black money but does a double blow to the counterfeiters. Their business is based on illicit trade model, which, mostly, is dependent on unbilled cash transactions. By eliminating the cash and all that hoarded money, counterfeits are pushed to re-think their strategy. With a fear or repentance, may be on yearly basis, it would be difficult for them to keep interest in the business of spurious and fake products.

 

The decision is also a great lesson for those manufacturers, who are indulged in selling part of the produce through illegitimate means of invoice less billing, creating fakes of their own products. They are bound to make sales through right, approved and noticeable channels.

 

On consumer side, since cash dealings will carry more risks for the sellers, invoiced billing can be expected at the level of Kirana (grocery) shops now. It will be time for consumers to get rightful and original products. They must also be ready to shell out lawful tax, which otherwise, they saved in transactions so far. All in all a win-win for government and consumers, where former will have more cash for public services and later will have a great deal of genuine products in hand.

With originals all the way, we may be expecting those counterfeiters gaining control who thrive on pure duplication of product packaging and sell them under illegitimate company name. Such people can be traced easily now if solutions like KNOWFAKES can be utilized by manufacturers. On other hand, since, consumers will be giving rightful tax and price of a product, they should be more concerned about only what is actually of the brand they intent to use and spend for.  KNOWFAKES will be a great tool for them to check a product’s authenticity in real-time if covered by the platform.