The claims of PM Modi about curbing production of fake currency after demonetisation seem to be falling flat as counterfeit currency detection instances in the banking channels have seen an all time increase in the last eight years at over 3.53 lakh instances, according to the latest government report.“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.
However, the amount of fake currency detected has not been specified.
CCR is defined as the usage of a forged or counterfeit currency note or bank note as genuine or where any forgery of a valuable security or a document has taken place during a cash transaction at a bank.As per the data complied since 2007-08, when the government first mandated the FIU to receive such reports under the Prevention of Money Laundering Act (PMLA) from banks, the year 2009-10 saw reportage of 1,27,781 CCR, in 2010-11 it was 2,51,448, in 2011-12 it was 3,27,382, in 2012-13 they were 3,62,371 and in 2013-14 a total of 3,01,804 such instances were reported.
The data for 2010-11 to 2014-15 shows that the major chunk of these reports, at over 90 per cent, were filed by private Indian banks and a majority of them pertain to usage of fake Indian currency notes (FICN) and not any other valuable security as defined under the CCR terminology.
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