Friday, 23 March, 2018

Fake currency detection in banks highest in 8 yrs

Counterfeit currency detection instances in the country’s banking channels have seen an all time increase in the last eight years at over 3.53 lakh instances, according to a latest government report.

Story: PT | 15th June 2017, 05:46 Hrs

New Delhi   
All banks, either public sector, private and foreign banks in the country, are mandated to report such instances to the Financial Intelligence Unit (FIU) under anti-money laundering law provisions.  
“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, accessed by PTI, said.  
CCR is defined as the usage of a forged or counterfeit currency note or bank note as genuine or where any forgery of a valuable security or a document has taken place during a cash transaction at a bank.  
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, 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.

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