Increase in counterfeit currency circulation in the banks – Warning!!
Posted on: 12/Apr/2014 2:59:30 PM
The security wing of ICICI bank has complained that counterfeit currency of more than Rs. 10 Crores have been put in circulation.
All of us are aware the counterfeit currency is in circulation. However, the government and the defence keep informing that there no counterfeit currency in operation. However, the police keep catching people who print counterfeit notes.
Generally, counterfeit notes get circulated mostly in retail trading. Now-days, counterfeit currency is used even in the banks. The security wing of ICICI bank has registered a complaint that counterfeit currency amounting more than Rs. 10 Crores are in circulation in nationalized and private banks.
The complaint also notes that there has been a spurt in counterfeit currency circulation between 2006 & 2014.
Sources record that the circulation of counterfeit currency is less in South India. It is more in Uttar Pradesh & Uttarkhand.
ICICI statistics point that counterfeit currency in circulation is about Rs. 10.77 Crores.
