Moneycontrol
Get App
Last Updated : Jan 10, 2019 03:40 PM IST | Source: Moneycontrol.com

Bank officials fret over fake Rs 500 notes, alert staff: Report

Fake Rs 500 notes are circulating with the wrong spelling of Reserve Bank of India -- 'Resurve Bank of India’ -- on the left side of the obverse

Moneycontrol News @moneycontrolcom

In the wake of rising fake currency notes in the Indian economy, banking officials have instructed their staff to be extra cautious while scrutinising received notes, The Hindu Business Line reported.

According to the report, instances of counterfeit currencies, particularly of Rs 500, have increased. It has become a cause of concern for both banking officials and the public.

"While counterfeits are not totally new, their numbers appear to be on a rise," a senior branch-level official of Central Bank of India told the paper.

Close

Confirming the growing menace of fake currencies, an official of a leading public sector bank said there are fake Rs 500 notes circulating with the wrong spelling of Reserve Bank of India (RBI) -- 'Resurve Bank of India’ -- on the left side of the obverse.

Considering this, instructions have been issued to staff for being extra-vigilant while scrutinising the notes received. Also, cash management services providers involved in ATM replenishment have been alerted for the same, the official told the publication.

In August last year, RBI had announced that 5,22,783 pieces of counterfeit notes were detected in the banking system in FY18. Of this, 63.9 percent were detected by banks other than the central bank.

Moreover, out of the total fake notes detected by RBI, their share during FY18 was higher at 36.1 percent as against 4.3 percent during the previous fiscal. This was because of processing of a large volume of specified banknotes (SBNs) withdrawn from circulation due to demonetisation, the report stated.

Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Jan 10, 2019 10:59 am
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant