Fake notes were detected 3.53 lakh times at banks in 8 years
The report said the FIU, during 2014-15 also received a total of 58,646 suspicious transaction reports (STRs) from all types of banks.
The detection of fake currency saw an all time high in banking channels. In the past 8 years there have been 3.53 lakh instances of fake currency being detected in banks, a Government of India report states.
The number of counterfeit currency reports (CCRs) increased from a mere 8,580 in 2007-08 to 35,730 in 2008-09 and 3,53,837 in 2014-15," the report said.
As per the data complied since 2007-08, when the government first mandated the FIU to receive such reports under the Prevention of Money Laundering Act (PMLA) from banks, the year 2009-10 saw reportage of 1,27,781 CCR, in 2010-11 it was 2,51,448, in 2011-12 it was 3,27,382, in 2012-13 they were 3,62,371 and in 2013-14 a total of 3,01,804 such instances were reported.
The data for 2010-11 to 2014-15 shows that the major chunk of these reports, at over 90 per cent, were filed by private Indian banks and a majority of them pertain to usage of fake Indian currency notes (FICN) and not any other valuable security as defined under the CCR terminology.
The
private
Indian
banks
contribute
majority
of
CCRs.
The
compliance
levels
of
the
public
sector
banks
continued
to
be
low
despite
the
matter
having
been
taken
up
with
the
RBI,"
the
report
said.
The
report
added
that
during
the
"review"
of
public
sector
banks
on
this
issue,
the
best
practices
of
private
Indian
banks
in
detection
and
reporting
of
counterfeit
currency
notes
were
highlighted.
The report said the FIU, during 2014-15 also received a total of 58,646 suspicious transaction reports (STRs) from all types of banks, financial institutions like insurance companies, intermediaries like stock brokers and additional non-financial businesses and professions like casinos and private locker operators.
OneIndia News