Currency
counterfeiters appear to have started focusing more on the Rs 100 and
Rs 1,000 denominations, even though the traditional favourite Rs 500
bills continue to be the most to be faked by numbers, the Reserve
Bank has said. The banking system detected over 2.52 lakh pieces of
counterfeit notes of Rs 500 denomination in FY14 as against the 2.81
lakh the year before, while the number of Rs 1,000 denomination fake
notes rose to 1.10 lakh as against the 98,459 in the preceding year,
it said. Detection of Rs 100 denomination fake notes increased by
10,000 pieces during the fiscal to 1.18 lakh pieces, the RBI said in
its recently released annual report. "During 2013-14, the
detection of counterfeit notes of Rs 1,000 and Rs 100 increased by
11.8 per cent and 9.8 percent respectively, whereas that of Rs 500
denomination decreased by 10.3 per cent," the central bank said
in its annual report. The data, however, exclude the detection by the
state police and various other law enforcement agencies, it said. The
share of the banks in detecting fake currency has been steadily
climbing as 95.9 per cent of the total detections were done by the
banks, it said, adding that only 4.1 percent of the detections were
by the RBI. "To instill confidence of the public in banknotes in
circulation and with a view to controlling and mitigating the risk of
financial loss as also loss of reputation, banks have been advised to
re-align their cash management in such a manner so as to ensure that
cash receipts in denominations of Rs 100 and above are not put into
re-circulation without the bank notes being machine processed for
authenticity," the regulator said. Meanwhile, the RBI has said
there has been a sizable jump in the expenditure on security,
printing and distribution of the currency notes between July 2013 and
June 2014, as against the year-ago period. During FY14, the central
bank spent Rs 32.1 billion on the account as against the Rs 28.7
billion in the previous fiscal. "With a view to obviating the
need for making repeated logistical and security arrangements for
transportation of bank notes, thereby reducing the costs, as also for
ensuring speedy movement of treasure, a scheme of direct remittance
of bank notes from note printing presses to currency chests is being
progressively pursued," it said.
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