"It's fake, but don't inform the police"

May 21, 2010 | by Madhusoodan, MK

Several instances of fake currency notes being circulated in the city are going unreported, since banks destroy them without informing the police.

According to a senior police officer, who requested anonymity, bank officials were now asking the customer to replace the fake currency with original ones.

The officer said that there was an increase in fake notes being circulated in the city. Bank officials were shying away from reporting instances of counterfeit currencies handed over to them due to their increased work load as well as the cumbersome legal process.

"Reporting the matter to the police puts an additional burden on the banks, as their staff will have to attend courts on a regular basis. To avoid this, banks have adapted the system of ignoring fake notes from their regular customers," the officer said.

He added that the banks reported the matter to the police only when large numbers of notes were involved. Meanwhile, assistant commissioner of police (Jayanagar sub-division) warned the public to avoid exchanging currency notes of smaller denomination for higher ones, since fake note rackets were using this method to circulate counterfeit notes. Two persons, who employed this method, were recently arrested.

Incidentally, a proposal to establish a centralised agency to tackle fake note menace has been gathering dust.

The Union finance ministry, meanwhile, had decided to print currency notes that cannot be duplicated. It was decided to print one billion polymer bank notes at the Bharatiya Reserve Bank Note Mudran in Mysore. The foundation stone for the indigenous paper making unit was laid in March this year.

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