Counterfeit currency detection instances in the country’s banking channels have seen an all time increase in the last eight years at over 3.53 lakh instances, according to a latest government report. All banks, either public sector, private and foreign banks in the country, are mandated to report such instances to the Financial Intelligence Unit (FIU) under anti-money laundering law provisions. “The number of counterfeit currency reports (CCRs) increased from a mere 8,580 in 2007-08 to 35,730 in 2008-09 and 3,53,837 in 2014-15,” the report, accessed by PTI, said. The compliance levels of the public sector banks continued to be low despite the matter having been taken up with the RBI,” the report said. It added that during the “review” of public sector banks on this issue, the best practices of private Indian banks in detection and reporting of counterfeit currency notes were highlighted.

Source: Hindustan Times June 14, 2017 06:00 UTC