New hub to deposit fake currency notes | delhi | Hindustan Times
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New hub to deposit fake currency notes

delhi Updated: Feb 09, 2013 00:26 IST
Jatin Anand
Jatin Anand
Hindustan Times
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The heart of the Capital not only houses the nation’s central bank but also, ironically, the biggest piggybank of fake currency in the country, highly-placed sources said on Friday.

In a first-of-its-kind initiative aimed at reducing ‘unnecessary paperwork, formal communication and toil’, the Parliament Street police station, located a stone’s throw away from the Reserve Bank of India (RBI), has now been made Delhi’s nodal collection centre for fake Indian currency notes (FICN).

“Earlier, as per guidelines issued by the RBI, banks across the Capital were supposed to deposit all the fake currency notes they detected at their branches at local police stations annually,” said an officer.

“Now, banks have been directed to deposit such notes directly at the Parliament Street police station and that too on a bi-annual basis — that is around July and January every year.

"Instead of concentrating solely on just collecting fake notes, we now want to try and investigate larger trends associated with its circulation,” he said.

The decision was taken at a meeting on the fake notes held earlier this week. The meeting was chaired by the Delhi Police Commissioner.

Apart from other senior police officers, the meeting was attended by representatives of the RBI and more than two dozen banks.

After the new directive, and with an assortment of just seven public and private banks having approached them over three days, the said police station’s ‘Malkhana’, or in-house depository, currently has more than Rs. 32 lakh.

“The amount already deposited with us exceeds the annual average of Rs. 20 to Rs. 30 lakh,” an officer admitted. There are more fake Rs. 1,000 notes as compared to notes in the denomination of Rs. 500.

“What is worrying is that this amount has been collected only from half the large banks operating in the country and the remaining are yet to follow suit.”

These notes will now be sent to the Forensic Science Laboratory in Maharashtra’s Nashik for examination.

On January 12 last year, the Delhi Police had seized R2.84 crore in fake money , in denominations of R500 and R1000, from a warehouse in southwest Delhi’s Dabri. The fake notes were suspected to have been printed at a government press in Karachi.