Fake notes galore, banks cool about it | india | Hindustan Times
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Fake notes galore, banks cool about it

india Updated: Nov 25, 2006 01:57 IST
M Hasan

BEWARE! CURRENCY notes of Rs 500 and Rs 1000 denomination in your wallet may be fake, even if you got it from your bank or one of its ATMs. And, there is very little you could do – so striking is the similarity —to distinguish between the fake and the genuine..

This was revealed by IG, Special Task Force, Jagmohan Singh Yadav during his presentation on ‘ISI activities’ in UP at the senior police officers conference here on Friday. Demonstrating fake notes of Rs 500 and Rs 1000 denomination, which the STF had seized recently from various places in UP, the IG said, “qualitatively they are as good as the original ones”. Yadav said the currency was being printed in Quetta (Pakistan). Recently, fake notes to the tune of Rs 47 crore were pumped into the state by the ISI, he added.

SSP STF SK Bhagat told officers that banks were not taking adequate measures to control the circulation of these notes. “Instead of sending fake currency to chest for destruction, private banks have been pushing them back into the market,” Bhagat told a stunned gathering. He said the situation was grim and urgent measures were required to control it. He said the whole purpose was aimed at derailing the Indian economy.

Denying that printing was being done within the country, Yadav said the STF had confirmed information about fake currency being smuggled into UP via Kathmandu and Dhaka. He said the ISI was airlifting it from Quetta to Nepal and Bangladesh and from there it was being sent to UP.

When a senior officer questioned the veracity of the information, Yadav said the STF had no direct proof except what it collected from the IB or during the interrogation of some arrested terrorists. He said recently the IB recovered Rs 500 and Rs 1000 notes worth Rs 80 lakh in Kathmandu.      mhasan@hindustantimes.com