Published On : Thu, May 21st, 2015

RBI seized forged notes worth Rs 78.55 crore

Nagpur: The Reserve Bank of Indi(RBI) has seized forged notes worth of Rs 78.55 crore from circulation in the market during the last three years.

The circulation of forged notes is increasing daily and created problem for Indian economy.

Surprisingly, the Central government and state goverment are taking every step to stop circulation of these notes in the market but all efforts went in vain due to anti-national elements, who are instrumental in circulation of these fake notes.

Shockingly, on many occasion, the people received fake notes from ATM of the banks. Eventhough the police busted the rackets of accused persons, these notes are in circulation in the market giving tough challege to administration.

The fake notes of Rs 1000,Rs 500 and Rs 100 are widely circulated in the country.

As per RBI records, total fake notes worth whopping Rs 28,66,94,200 crore was seized between April 2014 to March 2015. As per record, RBI seized 2,73,923 notes of Rs 500 costing around Rs 13.69 crore and 1,31,190 notes of Rs 1,000 costing around Rs 13.11 crore and 1,81,799 notes of Rs 100 costing Rs 1.81 crore. The bank also seized notes in denomination or Rs 5,10,20 and 50 but in small quantity.

Earlier, the RBI seized notes worth Rs 24.84 crore between 2013-2014 and Rs 25 crore in 2012-2013.

As per Indian Government, the forged notes are printed in neighbouring courntries and circulated in the Indian Markets to destabilise the economy of the country.

The RBI had directed all the banks and financial institutions to form a Forged Note Vigilance Cell to identify such forged notes and curb its circulation.

It had also directed all banks to be equipped with Ulta-violet lamps and other appropriate equipments for detecting fake notes which have considerabley helped increasing the number of detection of forged notes in the country.