NEWS & ADVICE : CREDIT CARDS
Fake notes creating rampage in the country
By Ankit Sharma
May 18, 2010
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Fake notes are increasing in number in whole of the country. Fake notes amounting to crores of rupees have been seized by law enforcement agencies in Kolkata in the past few years. Many fraudsters have also been nabbed in this regard.

According to records from police authorities, fake notes worth more than Rs. 100 crores are still in circulation in Kolkata and its neighboring areas.

Police has recently seized fake notes worth Rs. 1.8 crore.

Forty four people have been arrested in this regard. It is suspected that ISI personnel in Pakistan are the main operatives of this racket.

Fake notes put the beholder for a financial loss. The general public thus has to be on constant vigil. If a person receives fake notes, he should immediately deposit it at the nearest bank or police station. If a fake note comes out of the ATM, it should be immediately reported to the nearest bank branch giving all details of the transaction. The customer has to keep the transaction receipt of the ATM as proof.

The RBI has been taking many steps to curb this towering rampage of fake notes. As part of its financial inclusion program also, RBI had taken steps to educate the rural people about currency frauds.


 


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