Fake currency through ATMs in UP | india | Hindustan Times
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Fake currency through ATMs in UP

The Reserve Bank of India (RBI) on Monday expressed concern over circulation of counterfeit currency in UP, reports Masoodul Hasan.

india Updated: Feb 20, 2007 00:40 IST

The Reserve Bank of India (RBI) on Monday expressed concern over circulation of counterfeit currency in UP. The problem has assumed menacing dimension as customers were not only getting fake currency notes from banks counters but also from ATMs.  

The RBI in a statement here on Monday said that it had received complaints from the customers that counterfeit banknotes were received by them through ATMs. The bank said in no circumstanced fake currency should be given either through ATMs or from the exchange counters.

Even though the customers are hardly conversant with the features of original and fake currency, the statement issued by RBI General Manager A Niranjan said people could also check the bank notes for their genuineness. The features are posted at RBI website.

The statement of the RBI has prove the worst fear of the police true.The UP police have already expressed deep concern over circulation of fake currency of denomination of Rs 500 and Rs 1000. According to the police the problem had compounded because there was no attempt to stop its circulation at the bank level. 

During IPS officers conference here in November last the then IG STF Jagmohan Yadav said that “qualitatively they are better than original notes”. He said because of superior quality of fake notes in UP the bank men were at loss to identify them. The then STF SSP SK Bhagat said that banks were not taking adequate measures to control the circulation of these notes.

“Instead of sending fake currency to chest for destruction the private banks have been pushing them back into the market”, Bhagat then pointed out. Bhagat’s apprehension that ATM could also be used for delivering fake currency has now come true, as the RBI has accepted this fact in the statement.

The STF had recently seized fake currency of Rs 500 and Rs 1000 denomination. According to the STF the fake currency was being printed in Quetta (Pakistan) and recently the ISI had pumped Rs 47 crore currency of Rs 500 and Rs 1000 into the state. The STF said fake currency was being dumped into UP via Kathmandu and Dhaka.

Email M Hasan: mhasan @hindustantimes.com