Wake Up Call For Fake Currency Worth 29.6 Crores INR

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Fake Currency

As per latest data, transitions of fake Indian currency has increased within three years. The currency amount mostly include 100 INR and 1000 INR, respectively. The total amount found was worth 29.6 crores INR . Though 500 INR fake note transactions have been decreased for few years. The alarming situation came in to being when various banks in India took a niche look in the matter.

Ministry of Finance, Government of India spoke on the issue as such that fake note worth 6.3 lakhs INR got busted in the financial year 2015-16. Subsequently in 2014 -15 total currency amount figured to 5.9 lakhs INR and 4.9 lakhs INR in the year 2013-14.

Currency

The response of RBI has been increased in terms of transactions of fake note within three years which has helped them to take control over it. It seemed better as in the financial year 2015-16 fake notes were counted as 29.6 crores INR where as in 2014-15 it was 28.7 crores INR. RBI has geared up with many new guidelines regarding currency transactions and made strict instructions to banks and financial institutions to follow the rules and regulations provided by them.

Pivotal measures have been taken to subsidize the fake note processing specially with 100 INR and 1000 INR notes as it was mainly used in 2015-16 in comparison to 500 INR notes. Also, the same could be seen in FY 2014-15. RBI has put few signs to check fake currency note in 1000 INR which is water mark image of Mahatma Gandhi in reverse of the note. These can be checked on own and practised everywhere right from petty stores to supermarkets.

In fact Reserve Bank of India has given all the mandatory guidelines in its official website. One has to follow the instructions so as to keep themselves away from the usage of fake note in India.

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