In 4 years, ATMs, banks dispensed 19 lakh fake notes

BENGALURU, 28 Nov: According to a RBI report, banks and ATMs across the country have dispensed 19 lakh counterfeit notes of different denominations worth Rs 14.97 crore in last three and a half years.
The RBI report on ‘detection of fake Indian currency through bank channel’ revealed the fact. The RBI doesn’t attribute any real value to the notes, which continue to exchange hands, as they are not legal tender, and terms it notional.
A denomination-wise survey found that 5.42 lakh fake Rs 100 notes worth Rs 54.21 crore, 8.56 lakh, Rs 500 notes worth Rs 42.8 crore and 4.7 lakh, Rs 1,000 notes worth Rs 47 crore were dispensed through banking channels.
In October 2008, an LIC employee received nine fake notes of Rs 500 denomination when he withdrew Rs 5,000 from a Canara Bank ATM near reservation counter at the city railway in Bengaluru. When Raju, who went to the station to book tickets for Belgaum, gave one of the notes at the reservation counter, the clerk pointed out that it was fake. Raju protested, saying he had just withdrawn the money and produced the withdrawal slip.
 A senior police officer said that in cases an ATM has dispensed a single fake note, banks often keeps it. But, when a machine dispenses up to four counterfeit notes in a single transaction, a consolidated report must be sent to police at the end of the month.
“If five or more fake notes are dispensed in a single transaction, FIRs should be lodged,” the officer added.
According to the RBI guidelines, banks should have currency checking machines to verify the genuineness of the notes. Before accepting deposits or loading cash into ATM machines, the currency must be checked using these machines.
“While mandatory training to bank staff to identify fake notes have been recommended. These notes end up in the banking system,” the officer said.
Wefornews Bureau
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