‘400% rise in fake currency circulation’

Jan 16, 2012 - Neelabh Srivastava |

Age Correspondent

New Delhi

As fake currency continues to be pumped illegally into the country, a latest government report states that there has been a 400 per cent increase in such counterfeit transactions in Indian’s financial channels.

The report, compiled by the Financial Intelligence Unit (FIU) under the Union finance ministry states that during 2010-11 financial year (till March 2011), the agency detected “4,23,539 incidents of fake Indian currency notes (FICN) with a face value of over `35 crores.”
Such reports, called Counterfeit Currency Transactions (CCRs) in financial terms and sent by public and private sector banks to the FIU under provisions of the Prevention of Money laundering Act, were 1,27,781 incidents during the 2009-10 fiscal.
The menace of fake currency being stealthily introduced in country’s banking and other financial sectors are reported regularly and the extent of the evil again came to the fore recently when a Delhi police special cell team seized fake currency with a face value of `2.24 crores and arrested two persons.
— PTI

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