FICN not a cottage industry & 1L FICN recovered from RBI-Delhi

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Fake currency business not a cottage industry: HM

STAFF WRITER 14:55 HRS IST

Srinagar, Oct 14 (PTI) Home Minister P Chidambaram today said fake currency business was "not a cottage industry" and pointed out that "an organised effort in Pakistan and Pakistan -occupied Kashmir" was behind it.

"These notes are smuggled from across the border. We have had some success in tracking the routes and will continue to counter it. But behind this racket is an organised effort in Pakistan and PoK. Its not a cottage industry," Chidambaram told reporters here.

Fake currency is a problem but not a big threat that it will destabilise our economy, he said and added that according to an RBI study, there is one fake note in every one lakh currency notes.

CBI, the nodal agency for checking fake notes in the country, is also creating a national data bank of fake currencies, an official said.

http://www.ptinews.com/news/330508_Fake-currency-business-not-a-cottage-industry--HM




Fake currency of Rs 1 lakh recovered from RBI office in Delhi


Counterfeit currency with a face value of around Rs one lakh were recovered from the Reserve Bank of India office in the national capital, police sources said on Wednesday.

A case was registered recently after a senior official of the RBI approached police complaining that 296 fake notes of various denominations were detected last month, they said.

It is suspected that some banks have "unknowingly" submitted the notes with RBI, they said adding the fake notes have been sent for examination in Bank Note Press in Madhya Pradesh.

Recently, counterfeit notes with a face value of Rs seven lakh was detected in the Citibank branch operating out of Jeevan Bharti building in Connaught Place by its officials who approached police.

Fake notes with a face value of over Rs 67 lakh were seized by Delhi Police this year so far with investigators indicating that the rackets are now more into printing counterfeit currency of Rs 500 denomination than Rs 100, reversing a four-year-old trend.

http://www.indianexpress.com/news/fake-currency-of-rs-1-lakh-recovered-from-rbi-office-in-delhi/529085/