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Is UP a fake currency hub?

Western UP seems to be fast becoming a major fake currency hub with several cases being unearthed in Ghaziabad district in the past 15 days, reports Peeyush Khandelwal.

india Updated: Sep 26, 2008 00:41 IST
Peeyush Khandelwal

Western UP seems to be fast becoming a major fake currency hub with several cases being unearthed in Ghaziabad district in the past 15 days.

Fake currency was recovered from Oriental Bank of Commerce in Ghaziabad. There have been other cases where fake currency was recovered and arrests also made in recent past.

The Reserve Bank of India team from Kanpur, during their raid, recovered fake currency worth Rs 1,43,600 from the Oriental Bank of Commerce, said the bank’s assistant general manager, Ashok Kwatra.

A case has been registered against 33 branches of the region at Kavinagar police station by currency chest in-charge Ramesh Prabhakar.

“These branches belonging to districts Gautam Budh Nagar, Meerut, Ghaziabad and Baghpat, conduct heavy inflow and outflow of cash, ” said Kwatra.

According to UP Police statistics, the state tops the country in the number of cases registered in 2007 in connection with fake Indian currency.

The police officials say these notes are manufactured in neighbouring countries and are infiltrated into India.

“These (fake currency printed abroad) are not easily identifiable. There is also a second category of fake notes that are produced locally. These are easily identifiable and are of a poor quality,” said Vijay Bhushan, superintendent of police (city) Ghaziabad.

District officials say that the Reserve Bank of India issues necessary guidelines to all the banks in the country to check the flow of fake currency.