Fake notes were detected 3.53 lakh times at banks in 8 years
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.