Fake Note Detector

Canada’s new plastic banknotes

2011-06-23T04:45:00.001-07:00

JEREMY TOROBIN

OTTAWA— From Tuesday's Globe and Mail

Published Monday, Jun. 20, 2011 9:59PM EDT

Canada's gradual shift to slick, cleaner, synthetic banknotes won't just mean your money can stand more wear, will not tear and, for the first time, will be recycled into other products instead of destroyed.
The Bank of Canada and the RCMP hope that once the polymer-based notes are in circulation – starting in November with the $100 bill – they'll also be all but impossible to fake.

Infographic

Security features for new Canadian bills

Infographic

Printing process for plastic money

Video

Ottawa unveils plastic money

Canada has already made strides in limiting counterfeiters' ability to reproduce Canadian money, after an alarming surge earlier this decade, Bank of Canada and RCMP data show. But despite the growing impression that we've become a cashless society, Ottawa says half of all financial transactions in Canada still involve cash, which means faith in banknotes' authenticity still makes the economy go 'round.

Beefed-up security features on the current stock of cotton-paper notes, and an aggressive campaign to train retailers to spot imposters, have helped bring the number of counterfeit bills found each year to 35 per 1 million in circulation, after a rash of fraud between 2001 and 2004 brought that number to a peak of 470 per million bills.
But even 35 per million, which translates into a small fraction of 1 per cent of the value of all bills in circulation, is higher than the share found each year in Australia, where polymer-based currency was first introduced in 1988.
Senior Bank of Canada officials weren't ready to claim counterfeiters would never again be able to outsmart the technology and security features being used to make Canadian money. However, at a briefing Monday in Ottawa, they said they're confident it will be much harder to pull a fast one on any retailer who knows what features to look for.
The introduction of the $100 bills this fall, and the $50 notes next March, will really just be a dress rehearsal for late 2012, when the central bank rolls out the new $20 bills. At the moment, that denomination and its almost exclusive presence in bank machines represents more than half of all notes in circulation, according to a BoC background paper on the new money.
Central bank officials said they are working with the country's financial institutions to encourage more to put additional $50 bills in cash machines, and the background paper suggests officials also hope the higher-security notes will quash the sense that it's harder to use bigger bills.
"In some regions in 2002, almost one in ten Canadian retailers displayed a sign indicating that they did not accept $100 bills, counterfeits of which had triggered the problem in 2001," according to the paper. "Confidence in banknotes, once lost, is not easily regained; although 99 per cent of retailers now accept $100 notes, the perception persists that these notes are 'difficult to spend.' "
Most Canadians can tell you that where higher bills are accepted, they're accepted rather begrudgingly. So, will the new notes mean an end to the days of standing at a checkout mortified as the cashier holds your Borden or King to the light to see if you're a deadbeat in disguise?
Maybe. Unless, of course, the real reason many retailers prefer smaller bills is to deter against armed robbers, not counterfeiters.
After the release of each new denomination of polymer-based notes, the central bank will work with financial institutions to get as many older notes as possible exchanged for newer ones, although older-style bills that aren't too worn out will be accepted indefinitely. For the $20 bill, the biggest undertaking of this process, central bank officials said their goal is to have 70 or 80 per cent of the older notes out of circulation within 18 months of issuing the new ones.

http://www.theglobeandmail.com/news/national/canadas-new-plastic-banknotes-will-be-nearly-impossible-to-fake/article2068559/

5 more register plaints against BOB employees

2011-05-20T10:08:00.001-07:00

TNN | May 19, 2011, 11.03pm IST

VADODARA: The city police investigating Bank of Baroda (BOB) fake currency racket and bank union members have come to loggerheads over the action taken by the cops against BOB employees. The cops have begun detailed investigations into the case wherein two BOB employees have been accused of cheating a customer by terming his genuine Rs 1,000 note as fake. Police officials said that they have got five more complaints against the same employees working at Nizampura branch.

Jitendrasinh Baliyan had registered police complaint against BOB cashier Anil Jadhav and branch manager Rajeshkumar Dani for terming his genuine currency note as fake. "We have received five more complaints against Jadhav in last few days. The complainants have stated that Jadhav told them that some of their currency notes were fake and kept them with him. Dani too didn't object to it proving his complicity in the racket," said Fatehgunj police inspector S Banker.

"When so many customers point fingers towards one bank employee then it does raise suspicion against him. We are now gathering details about Jadhav, Dani and other bank employees," Banker added. The cops have also learnt that both Jadhav and Jani had worked together in some other BOB branch earlier too and it will also come under the purview of investigations.

Investigating officials also learnt that some unidentified person was trying to scare witnesses and trying to make them hostile but nothing has been taken on record in the case owing to lack of evidence. Members of BOB Karmachari Sangh and other bank unions on the other hand stepped up protests against the cops by submitting a memorandum to district collector on Thursday. The union members said that bank employees are being targeted unnecessarily and that the cops are taking coercive steps against them.

http://timesofindia.indiatimes.com/city/vadodara/5-more-register-plaints-against-BOB-employees/articleshow/8448359.cms

RBI asks states to crack down on fake currency

2011-05-20T10:06:00.001-07:00

Agartala, May 19 (IANS) The Reserve Bank of India (RBI) Thursday asked the state governments, specially those sharing international borders, to take stringent action against circulation of fake currency notes.

'The state governments, particularly those states that share international borders, must be more vigilant and take tough steps to stop the menace of circulating of fake Indian currency,' RBI Governor Duvvuri Subbarao told reporters after the first-ever central board meeting of the country's central bank here.

He said that the union home ministry in association with the state governments and the security agencies must take appropriate steps to check the circulation of fake Indian currency notes in the market.

'The banks have been asked to install note sorting machines to identify the fake, mutilated and soiled notes,' Subbarao said.

He said efforts are being made to airlift the notes of small denomination and coins to all northeastern states.

'The RBI is aware that the fake currency, shortage of notes of small denomination and coins are big problems in the northeastern region,' he said.

http://www.inewsone.com/2011/05/19/rbi-asks-states-to-crack-down-on-fake-currency/51685

Fake note: SBI files plaint against customer

2011-05-19T05:25:00.001-07:00

May 18, 2011, 09.17am IST

VADODARA: Days within the city police arresting two Bank of Baroda (BOB) employees for trying to dupe their customer by terming genuine currency note as fake, a State Bank of India ( SBI) official registered complaint against one of its customers. Manager of SBI's Ellora branch Yasminbano filed complaint against Charmi Patel, who is a travel agent, for carrying a fake note of Rs 500.

Patel had visited the bank on Monday to deposit Rs 66,500 in her account. The cashier found that one of the Rs 500 note was fake so he informed the manager about it. "We are now verifying the currency note found from Patel. If it was fake then from where she got it that needs to be found out," Gorwa police inspector G K Rawal said.

Two employees of BOB faced the heat last week after they were arrested by the cops for threatening their customer and trying to term a genuine Rs 1000 note as fake. The cops have asked all the banks to follow proper procedure in case they come across fake currency notes.

Fake Indian currency worth Rs 4.759 million seized in Nepal

2011-04-22T02:13:00.001-07:00

Kathmandu: A Thai national and a Nepalese were arrested with fake
Indian currency with the face value of Rs 4.579 million, police said
Tuesday.

The police have arrested Thai national Anuwad Sahid and his Nepalese
accomplice Ishwor Prasad Shah for possessing the fake Indian currency
notes with Rs. 500 and Rs. 1,000 denominations yesterday, according to
Kathmandu police.

The police claimed to have busted one of the major fake currency
rackets in Kathmandu ahead of the visit of Indian External Affairs
Minister S M Krishna to Kathmandu.

The fake bank notes were brought to Kathmandu on board a Thai Airlines
flight by the Thai national, according to the police.

While, Nepalese national Shah, a resident of Birgunj in southern
Nepal, is said to have ordered the fake bank notes with a view to
sending them to India.

The police have seized fake 1,000 bank notes with denomination of
Rs.1,000 and 7,158 fake bank notes with denomination of Rs.500, from
the hotel room while carrying out a raid on the basis of a tip off,
according to a press release issued by the police. The total face
value of the fake Indian currency was Rs 4.579 million.

The fake bank notes were hidden inside a suit case under a false
bottom. The police have also recovered a Honda Shine motorbike and
four Nepali mobile sim cards from Room No.565 of the Hotel Gyangjong
situated at Lazimpat of Kathmandu where the Thai national was residing
for some time.

During an interrogation Thai national Sahid has admitted that he had
arrived in Kathmandu four times in the past in connection with the
fake currency racket. This was probably for the first time that a Thai
national was arrested in connection with fake Indian currency racket.

Krishna, who is scheduled to arrive in Kathmandu on Wednesday is
likely to take up among other things issues relating to the fake
currency racket during his bilateral talks with the Nepalese officials
In Kathmandu.

Earlier, fake currency notes were brought from Pakistan, but this time
it was brought from Thailand, probably changing the traditional route
with a view to sneaking the eyes of the police.

PTI

7-year jail term in fake currency case

2011-04-18T06:57:00.001-07:00

TNN, Apr 17, 2011, 12.19am IST

MARGAO: H Ashraf, a native of West Bengal, was on Saturday sentenced to seven years imprisonment by the district and sessions court at Margao for circulating fake notes in Vasco last year.

According to the prosecution, the accused was caught by the Vasco police while attempting to recharge his cell phone with a fake ` 1000 note at Vasco market on March 23, 2010. Public prosecutor Asha Arsekar argued that the case against the accused was proved on the basis of evidence.

State delays action on fake currency cases

2011-04-06T23:23:00.001-07:00

April 5: The state home department is delaying the handover of cases relating to fake currency that is printed in Pakistan to the National Investigation Agency (NIA) even though in just the past two weeks, as many as three major rackets of counterfeit currency notes were busted in Hyderabad, Vijayawada and Visakhapatnam. In fact, all the rackets were linked to Malda district in West Bengal, considered the hub of cross-border fake currency smuggling.

The NIA has a specialise wing that deals with fake currency cases with cross border implications and while the other south Indian states of Kerala, Tamil Nadu and Karnataka are handing over the cases to the agency, the NIA unit in Hyderabad has only received the one case of terror suspect Zia Ul Haq.
Meanwhile, cross-border fake currency groups are targeting Hyderabad, Vijayawada, Visakhapatnam and other cities in the state.

"The state government has to write to the Ministry of Home Affairs (MHA) and the MHA has to hand over the cases to the NIA after verifying the quality of the notes it received from the state government. In fact, the other south Indian states hand over at least four cases per month to the NIA. It is advisable to hand over cases to the NIA as this will accommodate a holistic investigation as the route and original conspirators of all the cases are based in Pakistan, Bangladesh and West Bengal. One of the key objectives of the NIA is to probe fake currency cases of cross border significance," a police official said.

Fake currency notes with face value of Rs 4.5 lakh seized

2011-01-19T17:29:00.001-08:00

Amritar, Jan 19 (PTI) The special operation cell ofPunjab Police today seized fake Indian currency notes with aface value of Rs 4.5 lakh after interrogating an accusedarrested for his involvement in a trans-border racket.

Sukhjit Singh, who was nabbed on Friday with fakenotes in the denomination of Rs 1,000, was interrogated forfurther details about the racket, AIG (Special Operation Cell) Maninder Singh said.

Investigations led to the recovery of the consignmentwhich was recently smuggled from Pakistan in connivance with anotorious fake currency smuggler lodged in Amritsar jail, headded.

http://news.oneindia.in/2011/01/19/fakecurrency-notes-with-face-value-of-rs-45-lakhseized-aid0126.html

Three held with fake currency in Delhi

2010-12-26T22:53:00.001-08:00

Sat, Dec 25 2010 22:00 IST | 132 Views | Add your comment

FONT SIZE: A A A SHARE:

New Delhi, Dec 25

Three men were arrested here with counterfeit notes of Rs.13,700, police said Saturday.

Shabbir Alam, 42, Sunil Kumar Singh, 46 and Karamat Hussain, 45, all hailing from Bihar, were arrested Friday in central Delhi.

"The three were nabbed from Chawri Bazaar metro station. A total of 274 fake currency notes of Rs.50 denomination were recovered," a police officer said.

He said that Alam, a tailor, was going through a financial crisis. He came in contact with a person named Surender, who induced him to traffic fake currency for earning quick money.

"Their modus operandi was to look for soft targets like illiterates, senior citizens and minors. They used to offer them assistance in counting their money and while counting, they changed the genuine notes with the fake ones," he said.

Investigations are on to find the source of the supply, he added.

UP Police seize fake currency worth Rs 2,65,000

2010-12-08T08:12:00.001-08:00

Bareilly, Dec 8: Uttar Pradesh Police seized fake currency worth Rs 2,65,000 from Aliganj city here on Wednesday.

The police later took into its custody three persons hailing from J P Nagar, Moradabad and Bijnor districts in connection with this case.

Bareilly Superintendent of Police Anil Kumar said acting on tip off, the police seized the fake currency and took the three men into its custody.

"We had the information that there are some four-five persons who are doing fake currency business. They are from JP Nagar, Moradabad and Bijnor, and have criminal records over there. We had the information that they will come from Rampur to Aliganj," said Kumar.

"They have been detained from Aliganj, and two lakh sixty five thousand (265,000) fake currency notes have been seized from them, which includes 100, 500 and 1000-rupee notes. One printer, one car - whose papers are missing, so probably it's a stolen car - three revolvers and cartridges were also been obtained from them," he added.

Further investigations are being carried out into the case to unearth the racket.
Copyright Asian News International/DailyIndia.com

http://www.dailyindia.com/show/413098.php

Four held with Rs 47 lakh fake notes

2010-06-12T09:06:00.001-07:00

Express News Service
Posted: Sat Jun 12 2010, 02:51 hrs Kolkata:

The Special Task Force (STF) of Kolkata Police arrested four persons with a huge consignment of fake Indian currency notes of face value Rs 47.18 lakh from New Market in central Kolkata late Thursday evening.

Additional Commissioner of Police (STF) Rajiv Kumar said the four persons — Upendra Chowdhury, Kumar Guatam, Naushad Khan and Zafar Ali Miyan — were arrested following a specific tip-off that the group was shopping in the New Market area with the fake currency. The STF team picked them from 6, Chowringee Lane where they purchased commodities worth Rs 1 lakh.

"We seized Rs 47.18 lakh of fake notes from the group. Chowdhury, a resident of Nepal is the kingpin. He has several cases against him in the country. He used to bring fake note consignments from Pakistan to Nepal via Bangkok or Malayasia. This time also they used the Nepal-India border to sneak into the country," said Kumar.

http://www.indianexpress.com/news/Four-held-with-Rs-47-lakh-fake-notes/632883

Banks step up efforts to tackle fake note menace

2010-06-10T09:21:00.001-07:00

Manoj Badgeri I TNN

Mumbai: Ever felt twitchy about finding a fake note in the cash that your ATM just dispensed or in the change that your grocer gave out If so,you are not alone.The counterfeit-currency menace has come to haunt banks as well as the police.
According to the Reserve Bank of India (RBI) website,Rs 2.31 crore in fake currency were detected in 2006-07.The number more than doubled (Rs 5.49 crore) in 2007-08 and jumped to Rs 15.57 crore in 2008-09.These soaring figures clearly indicate that this year may not be any different.
Not surprisingly,the figures have caused a flutter in the banking circle,which was evident from the fact that most public,private and international banks that TOI spoke to were ready to comment only on the condition of anonymity.
A source from the Mumbai-based Indian Banks Association (IBA) informed that its members had approached the Centre before the Budget session with the counterfeit currency problem.
All banks have been instructed to issue only clean and genuine notes to the public and follow instructions detailed in the Master Circular 2009 regarding Detection and Impounding of Counterfeit Notes, said an RBI spokesperson.
According to the circular issued by the RBIs Department Of Currency Management,a fake note,once detected,should be seized in the presence of the tenderer and stamped as counterfeit.The police should also be informed, the circular further states.
The RBI had also recommended that banks set up a forged note vigilance cell and instal note-sorting machines (NSMs).However,most banks are yet to put in place these countercounterfeit currency measures, said a banking expert.
Banks are in the process of complying with the RBI directives,but it will take some time.Till then,they are vulnerable, said K Unnikrishnan,deputy chief executive officer of IBA.
An ICICI Bank official told to TOI that all their branches strictly adhere to the RBIs clean-note policy.We inform the police about counterfeit notes detected in our branches over a period of time, said a representative of the bank.This is a standard procedure and is followed by the Indian banking sector, he added.
A spokesperson of Axis Bank said that they were working towards strengthening their currency management situation and all the branches would be in compliance with the RBI guidelines before the end of the year.
A Standard Chartered Bank (SCB) spokesperson confirmed conformity with RBI regulations.We regularly invite experts to conduct training sessions on counterfeit note detection and refund rules.The sorting machines and ultraviolet detectors are also used to spot forged notes, said the spokesperson.
In an attempt to ensure that no fake note is dispensed through ATMs,the Indian government and the National Security Council have taken a view that in such an event the bank concerned would be held responsible.In case a fake note is dispensed through an ATM,it would be construed as an attempt to circulate counterfeit notes by the bank concerned, said a spokesperson,quoting from the RBI mandate.
Aware of the gravity of the situation,several banks have begun educating customers to stem such instances.Most banks,such State Bank of India,Bank of Baroda and The Kalyan Janata Sahakari Bank Ltd,have put up posters detailing the differences between a genuine note and a counterfeit one.
While officials of Bank of America and HDFC declined to comment,Barclays and Royal Bank of Scotland NV did not respond.
manoj.badgeri@timesgroup.com

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

2010-06-04T11:33:00.001-07:00

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.

http://findarticles.com/p/news-articles/dna-daily-news-analysis-mumbai/mi_8111/is_20100521/fake-dont-inform-police/ai_n53718204/

Fake notes: Bank officials may be involved

2010-06-02T09:54:00.001-07:00

Aditya Kaul / DNA
Wednesday, June 2, 2010 1:08 IST

New Delhi: Agencies investigating the smuggling of fake Indian currency notes (FICN) fear that some top public sector banks' officials have been compromised.

The intelligence agencies have discovered that public sector bank officials based in borders states such as Jammu & Kashmir and Rajasthan have connived with militants and Pakistani agents in pumping FICN into the banking channel.

This bank link reportedly emerged after a senior bank official in the Ganderbal area of J&K was found in possession of a large quantity of FICN.

Shocked investigating agencies believe that some senior bank officials are in close touch with militants and have put them under surveillance.

The suspicion is that these bank officials leak out the serial numbers of the bank notes to the militants who, in turn, pass on the information to their Pakistani handlers. These original serial numbers are then duplicated in the fake notes.

Fake currency notes have become a major concern in India over the last few years. Seizures of FICN in the past have shocked the Reserve Bank of India, which found that the security features on Indian notes had been copied with over 95% accuracy.

Central Bureau of Investigation director Ashwini Kumar had once even said that a secret currency template may have been stolen but corrected himself later to merely say that the security features had been compromised.

The CBI is the nodal agency probing FICN cases, assisted by the National Investigation Agency, Directorate of Revenue Intelligence, Multi-Agency Centre (under the Intelligence Bureau), and the Enforcement Directorate.

Seizures in the banking channel have grown over the past few years. In August 2008, the Uttar Pradesh seized a chest of a State Bank of India branch containing Rs4 crore in counterfeit notes in Dumariaganj, a town close to the Nepal border in eastern Uttar Pradesh.

The RBI has said that Rs 2.44 crore of fake notes were seized from banking channels in 2004-05, which has gone up to over Rs 15 crore now.

http://www.dnaindia.com/india/report_fake-notes-bank-officials-may-be-involved_1390820

New Delhi-Lahore bus brings fake currency

2010-04-07T10:41:00.001-07:00

STAFF WRITER 18:30 HRS IST

Attari, Apr 7 (PTI) For the first time since the start of New Delhi-Lahore bus service, fake Indian currency with a face value of Rs 2.85 lakh was seized today from an elderly lady passenger at the border here.

The fake currency notes in the denomination of Rs 500 and Rs 1000 were detected in the possession of 62-year-old Bano Begum, a resident of Delhi, who was returning from Lahore by the bus, an officer at the border said.

She was carrying the notes in a especially created cavity of a dinner set, he said.

Though fake currency is almost routinely seized in the Samjhauta Express train, it is for the first time that an international passenger was caught while trying to smuggle fake Indian currency from Pakistan by the bus, Intelligence sources said.

http://www.ptinews.com/news/599635_New-Delhi-Lahore-bus-brings-fake-currency

'Pakistan hub of fake Indian currency network'

2010-04-05T09:01:00.001-07:00

KATHMANDU: Two Pakistani cities are the major manufacturers of fake Indian currency and Pakistanis are the main couriers spreading the counterfeit currency notes to India through Nepal, say Nepal police.

On Saturday, Nepal police arrested yet another Pakistani, Mohammad Hamid, from a hotel in the capital, acting on a tip-off that he was a new courier.

Hamid, police said, was carrying nearly Rs.9 million in fake Indian currency that had been given to him by an associate, identified only as Javed, a resident of Pakistan's Lahore city.

Police also nabbed the two Nepali accomplices of Hamid, who were to have received the money from him.

The currency notes were to have been taken to India through Raxaul in Bihar where two Indians running an electronics shop are also part of the network, Nepali daily Nagarik said Monday.

A report tabled by Nepal's metropolitan police says Pakistan is the biggest manufacturing centre of the fake Indian currency that is seized in Nepal. Though Bangladesh and recently Sri Lanka have emerged as other routes for sending the fake currency to India from Pakistan, Nepal remains the biggest transit route.

Three busy cities on the Indo-Nepal border - Janakpur, Nepalgunj and Birgunj - are the main exits through which the money is taken to India, the report said.

Of the foreigners arrested in Nepal with fake Indian currency, Pakistanis are the largest in number. Last year, Nepal police arrested eight Pakistanis.

This year, four Pakistanis have been caught so far, including a woman.

The daily also said that most of the seized fake Indian currency was brought to Nepal via Pakistan International Airlines flights.

The most sensational arrest occurred in January when police arrested the son of a powerful former minister, Yunus Ansari, who is alleged to have links with terror kingpin Dawood Ibrahim, said to be based in Karachi.

The two Pakistanis who were arrested while handing over fake Indian notes and drugs to Ansari's bodyguard said they had brought the consignment from Karachi.

The following month the murder of Jamim Shah, a controversial media baron in Kathmandu, is also alleged to be linked with the fake Indian currency racket as Shah is said to have been involved with Dawood and Ansari.

Nepal's role as a growing transit route for fake currency notes, due to the 1,800 km open border it shares with India, is a major security concern for India.

Busting the network has been a major agenda during talks held with Nepal's senior officials by visiting Indian Foreign Secretary Nirupama Rao, Home Secretary G.S. Pillai and External Affairs Minister S.M. Krishna.

http://economictimes.indiatimes.com/news/politics/nation/Pakistan-hub-of-fake-Indian-currency-network/articleshow/5762654.cms

Man arrested with counterfeit currency

2010-02-28T08:25:00.001-08:00

STAFF WRITER 20:28 HRS IST

New Delhi, Feb 27 (PTI) A 30-year-old man was arrested here for carrying counterfeit currency with a face value of Rs 44,400, police said today.

Mohd Hasim, hailing from Madhubani in Bihar, was arrested yesterday from Karol Bagh on a tip off.

"It was found that 316 currency notes bore one identical serial number, 41 notes bore another identical serial number, another 41 bore a third identical serial number and remaining 46 also bore a different identical serial number," police said.

Hasim came to Delhi in 2002 to earn his livelihood and started plying a three-wheeler.

Budget 2010-11 : Indian Rupee Will Soon Join The League Of US Dollar, British Pound

2010-02-27T11:20:00.001-08:00

Last Updated: 2010-02-26T16:06:16+05:30

Due to the increasing reports of the use of fake currency notes in various parts of the country it has been decided that the Indian currency notes will have a distinct identity to distinguish it from other similar looking currencies. Finance Minister Pranab Mukherjee said in the Lok Sabha today while presenting the Union Finance budget for the year 2010-11, "In the ensuing year, we intend to formalise a symbol for the Indian rupee, which reflects and captures the Indian ethos and culture."

He said that by doing so the Indian Currency would join the league of select currencies which includes the US dollar, British pound sterling, Euro and Japanese yen which are known for their distinguish identity. The Finance Minister Pranab Mukherjee said, "With this, the Indian rupee will join the select club of currencies such as the US dollar, British pound sterling, Euro and Japanese yen that have a clear distinguishing identity."

http://www.india-server.com/news/budget-2010-11-indian-rupee-will-soon-21900.html

RBI to set up paper mill to counter fake currency

2010-01-30T08:46:00.001-08:00

Mumbai, Jan 29 (PTI) Reserve Bank Governor D Subbarao today said the Central Bank would set up a paper mill in Mysore at the site of its existing currency note press in order to counter the problem of fake currency notes.

"In the currency note press in Mysore, we are going to set up a paper mill. That paper mill will be a joint venture between Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), which is a subsidiary of the Reserve Bank and the Security Printing & Minting Corporation of India Limited (SPMCIL), which is a subsidiary of the Government," Subbarao told reporters here.

Finance Minister Pranab Mukherjee would lay the foundation stone of the plant on March 22, he added.

Govt introduces new security features to check FICN

2010-01-03T20:46:00.001-08:00

STAFF WRITER 17:18 HRS IST

New Delhi, Jan 3 (PTI) To stem the circulation of fake Indian Currency Notes (FICN), government is likely to introduce a slew of security features including some in the notes itself.

Official sources said one of the steps is increasing the production of currency paper, most of which is currently being imported.

Though the Security paper mill, Hoshangabad, does produce the currency paper (228 MT in 2008), the total production is very low as compared to the need, they said, adding steps are being taken to increase the production of the Ingalio Ink in the country.

While both paper and ink is mostly imported, central security agencies had raised concerns about this practice, as the seized FICN had almost the similar feel and look as original notes.

Sources said the security features introduced in 2005 in the currency notes have been compromised, a case which the CBI is investigating.

HOME

Fake currency issue alarming in India: admits Finance Minister

2009-12-15T08:26:00.001-08:00

NEW DELHI, Dec. 15 (APP) Indian Finance Minister Pranab Mukherjee informed the Parliament on Tuesday that issue of fake currency was alarming and dangerous as some groups were trying to destabilise the economy. "There are two kinds of groups, one is of individuals working for profits, but much more dangerous is the effort of injecting massive doses of fake notes in the country, trying to destabilise the economy," he was replying to supplementary questions in Lok Sabha.

According to reports, notes of Rs. 500 and 1000 denominations are in circulation in great number, often creating unpleasant situation in the markets and banks.
The Minister admitted that security features of the notes were last updated in 2005 while a committee had been set up to update it. However,
he said this task would take another two years.
To another question, he said it would be difficult to quantify counterfeit currency in circulation. "It is anybody's guess," he said.
According to 2005 figures there are 48.9 billion pieces (of genuine currency) in circulation and of these 0.001 per cent could be fake. But. there is no authentic information about fake currency, he added.

India sees Pakistani hand in fake note flood

2009-11-02T06:47:00.001-08:00

(Back to Home Page)

AFP

Fake 1000 Indian rupee notes at a marketplace in Amritsar, India.

AFP

NEW DELHI: When India's central bank admitted discovering 400,000 fake notes in its currency reserves, many here woke up to the scale of the country's counterfeit money problems.
Worse still, the embarrassing admission related to a survey from the last financial year to March 2009 and authorities say the problem has since got worse.
Police and the central bank have observed a tripling in the value of notes detected or seized in raids in recent years and authorities are convinced the source of the deluge is a familiar foe across the border: Pakistan.
"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 (Pakistan-administered Kashmir)," Home Minister P. Chidamabaram said recently.
"It's not just a cottage industry."
Hardly a day passes without news of arrests of currency smugglers, but police say they are only catching the small-fry racketeers while the big fish printers act with impunity over the border.
Many locals here complain of withdrawing fake notes from bank machines and ever-vigilant shopkeepers routinely check the water marks that are meant to protect the larger denomination 500 and 1,000-rupee notes.
A report this year by the Directorate of Revenue Intelligence (DRI), a state body that tracks money flows, said counterfeit currency was brought in by militants from abroad and then moved through criminal networks.
The DRI said that 130 million high-quality counterfeit notes were being smuggled into India every year and only a fraction were detected.
The security establishment is now clamouring for more scrutiny of India's banking system and the central bank, the Reserve Bank of India (RBI), has instructed nationalised banks to install sorting machines to weed out fakes.
"If the circulation of counterfeit notes was not checked then the economy could be running with over 25 percent fake notes making the rounds across the country," said analyst Ajai Sahni, executive director of the Institute for Conflict Managment.
The RBI is also running awareness campaigns, even educating schoolchildren to detect fake notes, and plans to introduce a billion special plastic-coated notes that are tougher to counterfeit.
Federal police say intelligence gleaned from arrested suspects suggests the existence of sophisticated printing presses in Pakistan under the control of the Inter Services Intelligence agency.
"The ISI prints them in Pakistan, supplies them to agents in Nepal and Bangladesh, who identify Indians willing to take the risk of circulating fake notes," said Sahni.
The quality of the fakes varies from amateurish to extremely sophisticated.
"You cannot expect a local bank clerk to detect sophisticated fakes," an intelligence officer told AFP, asking not to be named.
Police and other agencies seized six million dollars in fake notes in 2008, nearly triple the amount seized in 2007 and a majority of the counterfeit notes were the 500-rupee bill (10 dollars), police figures show.
The RBI said in its last report that the value of counterfeit notes detected in the banking channels was over three million dollars in 2008-09, triple the amount detected in 2007-08.
Some fear that if fake currency continues to increase at this rate, it will damage the economy.
Economists suggest consumers' trust in the rupee could be undermined, while officials at the central bank complain that fake currency complicates their deliberations about interest rates.
"The rising trend of fake notes in the market poses a threat to the economy. Policies, inflation are based on monetary calculations -- all of which can go wrong due to fakes," said a policymaker at the RBI who declined to be named.
K.P. Singh, a police officer in the central state of Madhya Pradesh who netted a huge haul in September of 4,000 high-denomination notes was pessimistic about the possibility of stemming the flow.
"We are arresting the dealers and petty smugglers operating in India but the kingpins are based in Pakistan," he told AFP.
"It is in Pakistan the problem begins and can only be ended there."

http://www.thehimalayantimes.com/fullNews.php?headline=India+sees+Pakistani+hand+in+fake+note+flood&NewsID=43581

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

2009-10-15T06:45:00.001-07:00

HOME

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/

Fake currency notes worth over Rs 50,000 recovered

2009-10-13T02:49:00.001-07:00

back to amit electronics' fake note detector home page.

STAFF WRITER 22:19 HRS IST

Varanasi, Oct 11(PTI) In a joint operation, anti-terror squad and police recovered fake currency worth Rs 52,000 and arrested two members of fake currency network today. As many as 104 currency notes of Rs 500 denomination were recovered from them.

Vijay Bhushan, SP-city said that the ATS and the Lanka police intercepted two motorcycle-borne youths in Malahiapur area and recovered the fake currency notes.

The police also recovered two mobile phones from their possession.

The arrested youth were identified as Jiyauddin and Satyanarain Bind of Jamania, Ghazipur and currency notes were printed in Quetta (Pakistan), Bhushan said.

The ATS has now launched a manhunt for the main supplier who brings fake currency notes from Nepal and distribute them among members of his network in eastern UP district especially in Ghazipur.

http://www.ptinews.com/news/326464_Fake-currency-notes-worth-over-Rs-50-000-recovered

BSF doing a commendable Job & other Fake Currency news...

2009-10-08T10:20:00.001-07:00

Back to HOME PAGE - AMIT ELECTRONICS - FAKE NOTE DETECTOR

Did ISI kill fake notes kingpin?

Is Pakistan's Inter Services Intelligence behind the killing of one of its own, fake currency dealer Majid Manihar? With Manihar's murder, it would be difficult for India to prove the role of the ISI in running fake currency rackets to destabilise India's economy, said senior intelligence officials, who refused to be identified.

Found shot dead at a hotel in Nepal on Tuesday, Manihar began as an aide of Mirza Dilshad Beg, a criminal and Member of Parliament in Nepal.

After Beg's murder in 1997, he took over the gang and came in direct contact with Pakistan-based underworld don of Indian origin Dawood Ibrahim.

Soon after, Manihar got on the ISI's payroll and started operating from Nepalganj town in Nepal, sharing borders with Siddharth Nagar in eastern Uttar Pradesh.

The UP police wanted Manihar after an employee of the State Bank of India's Domariyaganj branch in Siddharth Nagar, Sudhakar Tripathi, admitted on July 29 that Manihar was involved in replacing currency notes worth Rs 1.82 crore in the bank's chest with fake notes.

The police also had information that Manihar used to run a fake currency racket busted in November 2008. A senior police official said on condition of anonymity that the ISI-behind-the-murder theory was based on the premise that Manihar wanted to surrender before the UP police to strike a deal for his son Vicky, who had been in a UP jail since August 30.

According to another theory, one of Manihar's gang members opened fire on him after a dispute over money. Additional Director General of Police, crime and law and order, Brij Lal, however, said, "The how and why of Manihar's murder are still not clear.

http://www.hindustantimes.com/Did-ISI-kill-fake-notes-kingpin/H1-Article1-462452.aspx

Man held with fake currency in Delhi
Ians
October 8th, 2009

NEW DELHI - A 24-year-old man has been arrested here with fake Indian currency with nominal value of Rs.44,350, police said Thursday.

Alok Kumar Singh, who hails from Bihar, was arrested Wednesday from near an ice cream booth in Patparganj in east Delhi, and the fake currency notes in the denomination of Rs.50 and Rs.100 were seized from him.

According to Additional Commissioner of Police (East Delhi) Anand Mohan, Singh confessed he had fallen into bad company while working in a factory in Kota in Rajasthan, and started stealing goods from there.

He was soon arrested and faced charges in six cases of theft. After getting bail, Singh returned to his village in Bihar where he came in contact with those involved in fake currency racket, the official said.

Initially he used to take fake currency of small amounts which could easily be pumped in the market. Singh bought the fake currency on the commission basis. He used to procure a 100-rupee note for Rs.30 only and sell it off for Rs.50. Since he had earned some money, he took fake currency with the nominal value of Rs.45,000 from an agent in Hajipur, Bihar, and came down Delhi where his sister has been residing for twelve years, the official added.

http://blog.taragana.com/n/man-held-with-fake-currency-in-delhi-190732/

BSF DOING A COMMENDABLE JOB

STAFF WRITER 19:26 HRS IST

Hoshiarpur, Oct 8(PTI) Highlighting the seizures of fake currency notes, narcotics and arms and ammunitions made during this year by the Border Security Force, a senior officer today said that the force is doing a commendable job.

As many as 113 kilogram heroin, fake Indian currency notes worth Rs 55 lakh and 70 pistols were seized in this current calendar year till date, Inspector General, Punjab Frontier of BSF Himmat Singh told reporters.

He was speaking to media persons at Subsidiary Training Centre, Kharkan camp and added that four Pakistani infiltrators were killed during this year.

Replying to a question regarding recent rocket launching in Indian territory by the Pakistan, Singh said that India had already lodged its protest against this act by Pakistan.

http://www.ptinews.com/news/321218_-BSF-doing-a-commendable-job-

1.12 lakh in fake currency seized, 4 held

Express News Service

BARGARH: Counterfeit currency valued at Rs 1,12,500 was seized and four persons were arrested by police here last night.

The accused have been identified as Hari Sahu of Baraguda, Dharmendra Mahapatra of Rangiatikra, Benudhar Meher of Badpadar and Duryodhan Kalet of Tukurla, all under Bargarh police limits.

The currency notes seized include 95 pieces of Rs. 500 denomination and 65 of Rs 1,000 denomination.

Sources said Hari Sahu had gone to Kuruan village near Bheden under Bargarh police limits, bought eggs from a shop owned by Shyama Danta and offered a Rs 500 note.

When Danta refused to accept the note explaining that it was fake, Sahu asked Danta if he was interested in circulating fake notes.

Danta and Sahu along with fellow villagers Rajendra Pradhan and Sarju Pradhan evinced interest to take fake notes of Rs 1 lakh.

Later, Sahu informed his accomplice Benudhar and Dharmendra to reach the village with the fake notes worth Rs. 1 lakh unaware that the villagers had tipped off the police.

And while the note was being handed over, police arrested the trio while another of their gang Duryodhan was nabbed from Tukurla village.

http://www.expressbuzz.com/edition/story.aspx?Title=1.12+lakh+in+fake+currency+seized,+4+held&artid=SOJfAVmiV0M=&SectionID=mvKkT3vj5ZA=&MainSectionID=fyV9T2jIa4A=&SectionName=nUFeEOBkuKw=&SEO=

Sikkim Police arrests the supplier of counterfeit notes in Bihar

08 Oct VoiceofSikkim: The team of Sikkim Police investigating fake currency racket have resolved yet another riddle. Sub Inspector Bijay Subba and team have arrested Imtiaz Haque on 07th October in Indo-Nepal border at Bihar in connection to supply of fake currency to accused Aftab Alam and Dhan Kumar Shah who were found possessing a fake currency of Rs 8,500 on 04th October in Jorethang Majigaon .Accused person Imtiaz Haque would be presented to Motihari Magistrate for judicial custody before bringing him to Sikkim for further questioning and interrogation. Further report awaited

http://voiceofsikkim.com/2009/10/08/sikkim-police-arrests-the-supplier-of-counterfeit-notes-in-bihar/

ISI in FICN News Nepal Police Clueless and more...

2009-10-07T11:20:00.001-07:00

Pak's ISI bumps off fake money kingpin
7 Oct 2009, 1633 hrs IST
The recovery of the dead body of Majid Manihar, ISI's prime link in the Fake Indian Currency Business in the sub continent, in a Nepal Hotel has started fuelling specualtion about an immensely jittery Pakistan attempting to cover up its role in the fake currency racket.

Majid Manihar, originally an Indian, was found dead with multiple gun shot wounds in a hotel in Nepalgunj in Nepal on Monday evening.

Ironically, Majid had been the key ISI operative in Nepal for years. He headed the fake Indian currency note business and was the key person to the supply route of these notes from Nepal to India.

Majid, a native of Behraich district of Uttar Pradesh, had several cases against him in up ever since he went absconding. Intelligence agencies had these inputs that he was the key person involved in supplying fake Indian currency in India.

The pressure had been building on him since the Uttar Pradesh police arrested his son, Vikky Manihar, from Bahraich in the Nepal UP border with a consignemtn of fake notes.

Majid, it is believed has worked both for the ISI and Dawood Ibrahim over the last two decades, and both were worried that the Indian authorities would get their hands on him with an Interpol Red Corner Notice about to be issued in his name.

Link

Intelligence agencies on high alert

LUCKNOW: Murder of Nepal-based ISI pointsman and the kingpin of ISI's fake Indian Currency Notes (FICN) trade, Majid Manihar in the Himalayan
state on Tuesday morning, sent the Indian intelligence agencies into a tizzy.

Fearing a spill-over of any chain-reaction caused by the murder on to India, security of Majid's son Javed alias Vicky was beefed up in jail where he is lodged following his arrest by Bahraich police on August 29, 2009.

Found dead in his room at Hotel Gulburgha in Nepalganj district of Nepal, Majid's body bore several gunshot injuries.

Link

Nepal police clueless about India's 'most wanted'
October 7th, 2009 - 3:43 pm ICT by IANS Tell a Friend -

By Sudeshna Sarkar
Kathmandu, Oct 7 (IANS) Nepal says they have no idea about the criminal life led by Abdul Majid Siddiqui - also known as Majid Maniyar - who, according to the Indian police headed a fake Indian currency and arms smuggling network in Nepal and was allegedly an operative of Pakistan's Inter-Services Intelligence.

"We have no official information about Maniyar," Nepal's home ministry spokesman Jaya Mukunda Khanal said Wednesday, 48 hours after Maniyar was found murdered in a hotel room in southern Nepal along the India-Nepal border.

The police at Nepalgunj town, where Maniyar had been found dead in the Lal Gurans Hotel, said barring one incident, the murdered man had nothing adverse in his records.

About two years ago, Nepal Police had arrested him on the charge of running a counterfeit Indian currency notes network in Nepal. However, he was released by the court due to insufficient evidence.

Police said Maniyar, in his late 40s, had been residing in Nepalgunj town along with his family.

His wife and sons claimed the body Tuesday after post mortem.

According to reports in the Indian media, another son of Maniyar, Javed Siddiqui alias Vicky, was arrested recently in an Indian border state with fake currency notes.

Vicky allegedly said his father had connections with the ISI as well as underworld don Dawood Ibrahim.

The Indian media also reported that Vicky had "confessed" to having links with Nepal's former crown prince Paras Bir Bikram Shah, an allegation that was denied by the former royal last month.

While it is speculated that Maniyar was killed by his gang members to prevent cutting a deal with the Indian police in a bid to get his son released, Nepal police have begun a manhunt for two Indians who could have been the killers.

According to police, on Sep 26 two men checked into the Lal Gurans hotel on New Road in Nepalgunj, taking two rooms on the same floor.

They identified themselves as Ajay Singh and Bijendra Singh and said they had come to visit Nepal.

The men spoke in Hindi, making the hotel staff think they were Indians.

On Monday, Maniyar dropped in and was closeted with the two men in room 105 in the afternoon. The men ordered alcohol and around 5 p.m., left the hotel.

At night, a call was made to the hotel from India, informing the manager that there was a dead body in the locked room.

There were two wounds on the head of the body, making police suspect that Maniyar was shot by the assailants using a silencer.

Descriptions of the two visitors as well as Maniyar have been circulated at the border check points in southern Nepal and an alert issued for their arrest, police said.

Link

HOME - AMIT ELECTRONICS (Fake Note Detector Mumbai India)

Rs 1.75L FICN Recovered by ATS & FICN linked across border

2009-10-06T09:22:00.001-07:00

ATS recovers FICN worth Rs 1.75 lakh
TNN 6 October 2009, 06:42am IST

LUCKNOW: The anti-terrorist squad (ATS) of the Uttar Pradesh Police (UPP) on Sunday arrested one person after Rs 1.75 lakh of Fake Indian
Currency Notes (FICN) were recovered from his possession. The arrest was made by the Meerut unit of the ATS on Delhi road in full public view. Computers, a full colour scanner and coloured photocpier along with semi-finished FICN were recovered from the house of the accused who confessed to have been involved in the racket for over a year now.

Reports reaching the ATS headquarters at Lucknow on Monday said that the arrest was made on the basis of a specific tip-off that a man involved in FICN racket was scheduled to take the Delhi road to deliver a consignment of fake notes on Sunday afternoon. On the basis of the tip-off, the ATS sleuths intercepted the suspect near Mukut Mahel hotel on Delhi Road and recovered the consignment comprising FICN of Rs 50 denomination worth a total of Rs 1.75 lakh.

During interrogation, the suspect identified himself as Brajveer, a resident of Atalpur locality under Kithore police station of Meerut. Brajveer confessed that he was into the racket for the past over a year and supplied FICN at the rate of anything between Rs 60,000 to Rs 80,000 in genuine currency for FICN worth a face value of Rs 1 lakh.

He also revealed that he never invited anyone to his house or even a place somewhere close to it and usually preferred outstation buyers who used to meet him at a predecided spot and complete the deal. Hence there was hardly anyone else aware of the racket which helped him to survive undetected for over a year now.

About the reason for printing notes of Rs 50 denomination, Brajveer said that since a large quantity of FICN in Rs 1,000 and Rs 500 denomination were already in circulation, people carefuly scan each and every note before accepting the payment. This increased the possibility of the fake high denomination note being detected. People generally don't waste time checking smaller denominations thereby reducing the possibilities of FICN being detected.

Link

Fake note link to Pakistan
GAUTAM SARKAR

Dumka, Oct. 5: The two residents of Godda, who were arrested with fake notes at Banka in neighbouring Bihar on Friday, have reportedly revealed during interrogation that they have links with fake currency smugglers in Bangladesh and also with agents of Pakistan's ISI.

They have also admitted before the Banka police that the racketeers were operating from Kash Chandpur under Kaliyachowk in Malda district of Bengal, which is very close to the international border of Bangladesh and also Sahebganj district of Jharkhand.

However, the Godda police are yet to initiate an inquiry into the matter on grounds that it was the responsibility of their Banka counterparts.

The arrested are Maksuid Ansari and Md Sulama, both residents of Gantafasia hamlet under Muffasil police station in Godda.

The two have revealed that some ISI agents used to supply them fake notes. They used to come via Bangladesh and the exchange took place at Jharkhand's Sahebganj and Pakur. Besides, they also said that the ISI has developed a network in the districts of Bihar, Jharkhand and Bengal to flood the markets there with fake notes, a police officer from Banka said on condition of anonymity.

P. Kannan, the Banka superintendent of police, said that acting on a tip-off, Banka SDPO Sanjoy Kumar arrested the duo on Barahat-Panjwara road, adjacent to border of Godda. Fake notes of Rs 50,000 were found on them.

They were coming to Barahat on a motorcycle from Godda to hand over the consignment of fake notes, Kannan said. He, however, did not disclose the names of the persons they were going to meet.

He added that the Banka police, with the help of their Godda counterparts, conducted raids at the native places of the duo and recovered two illegal rifles, 12 cartridges, one stolen rifle and an air gun from their shops. Both Ansari and Sulama have grocery stores at the village from where they ran the racket. We are trying to find out whether they used to smuggle firearms too, Kannan said.

Meanwhile, the Muffasil police station at Godda have registered separate cases of arms recovery against the duo while Banka police have started investigation of the fake currency case. The two have been sent to judicial custody at Banka district jail.

A police officer from Banka, however, said that the Godda police were reluctant to probe the fake notes angle. Something, the Godda police did not argue against. Since the spot of arrests is in Banka, it is the responsibility of them to complete the investigation. We only can assist the Banka police if they seek our cooperation, said Godda superintendent Amarnath Khanna.

He added that a team of police from Godda was sent to Banka for conducting interrogation of the two.

Link

AMIT ELECTRONICS - FAKE NOTE DETECTOR

To spot fake, look for 'crying Gandhi'

2009-10-05T11:09:00.001-07:00

To spot fake, look for 'crying Gandhi'
Nikhil Chinapa / DNA
Monday, October 5, 2009 2:27 IST

Mumbai: Each time a shopkeeper or a bank cashier scrutinises the Rs500 or Rs1,000 note you hand over, you wonder "what if the note turns out to be a fake?" Well, there is an easy way you can check the note yourself, a method the Mumbai police tripped upon recently while carrying out an operation against drug dealers.
click here

"Hold the note against light with the image of Mahatma Gandhi facing you. If you observe carefully, on the left side of the note, an outline of his image will appear. This is the watermark and it should be a mirror image of the portrait on the right. If the watermark appears distorted, the note is a fake," said a senior police officer. "Such notes are called 'crying Gandhi' by fake currency smugglers."

He said if a fake note is soaked in water, the watermark disappears.

The police stumbled upon the 'crying Gandhi' code name recently when its anti-narcotics cell was acting on a tip-off against heroine smugglers. "After we busted a peddler, he informed us that he also had a packet of 'crying Gandhi' with him," the officer said, adding that the police did not understand what he meant by the term until he blurted out that it referred to fake currency. "He told us that all the notes were in Rs500 and Rs1,000 denominations and are normally mixed with real notes to avoid detection."

Fake currency smuggling is very lucrative, the officer said. While a smuggler gets Rs40,000 for a fake note consignment of Rs1 lakh, a carrier, who distributes the notes inside the country, gets Rs5,000. Counterfeit currency is smuggled into the country mainly through the porous Indo-Nepal and Indo-Bangla borders.

link

home

Three held with fake notes worth Rs 26,000

2009-10-04T11:12:00.001-07:00

Three held with fake notes worth Rs 26,000

Published on October 4, 2009 by admin

News4u-News Desk-Lucknow – Three persons including a resident of Delhi were arrested with fake currency notes worth Rs 26,000 from Bareilly district, police said here today.

Three people were arrested yesterday from Parsakhera area under CB Ganj police station and fake notes worth Rs 26,000 of Rs 1000 and Rs 500 denominations were recovered from them, they said.

Two of them belonged to Bihar while the third one hailed from Delhi, they said, adding that further investigations were on.

News4u-News Desk-Lucknow – Three persons including a resident of Delhi were arrested with fake currency notes worth Rs 26,000 from Bareilly district, police said here today.

Three people were arrested yesterday from Parsakhera area under CB Ganj police station and fake notes worth Rs 26,000 of Rs 1000 and Rs 500 denominations were recovered from them, they said.

Two of them belonged to Bihar while the third one hailed from Delhi, they said, adding that further investigations were on.

30% fake currency cases in Delhi yet to be cracked

2009-10-04T09:05:00.000-07:00

NEW DELHI: Thirty per cent of counterfeit currency cases reported from the national capital in the past five years are yet to be cracked and year 2009 appears to post a record in the number of such cases.
Fifty-eight out of 199 cases reported from January 2005 to September 15, 2009 are yet to be solved with year 2005 topping the list with 18 unsolved cases out of 36 cases reported, a senior police officer said.
While 35 cases were reported till September 15 this year, the highest number of 45 cases was reported in 2007. Eleven cases registered this year are yet to be cracked while nine in 2007 remain to be solved, the officer said.
Last year, 41 cases were reported out of which 30 were solved while nine cases out of 42 cases in 2006 remained unsolved. “Some cases are blind cases as individuals and banks have reported the matter to us. We have seized the currency and registered the case but we could not trace the culprits,” the officer said.
During the last five years, fake notes with a face value of Rs 2.97 crore were seized by police with 2007 topping the list with fake notes of face value of Rs 1.01 crore. This year so far, fake notes with a face value of Rs 67.66 lakh have been seized.

There was an increase in seizure from Rs 37.65 lakh in face value of fake notes in 2006 to Rs 1.01 crore next year while it decreased to Rs 59.19 lakh in 2008. - PTI

link

home

Banks prepared to check fake currency menace: RBI & more

2009-10-01T10:55:00.000-07:00

NSA likely against one arrested with fake currency notes

Lucknow , Oct 1 The Uttar Pradesh government is likely to invoke National Security Act against Girijesh Yadav arrested with Fake Indian Currency Notes from Mainpuri district yesterday.

"A recommendation to invoke NSA on Yadav has been recommended. He will soon be booked under the act," Additional Director General, Law and Order AK Jain told reporters here today.

An ATS team yesterday recovered FICN worth Rs 17 lakh following a tip off from Mainpuri with equipments, including a colour printer, ink bottles and paper cutter.

Yadav, during interrogation confessed his involvement in printing FICN and told the ATS team that his brother used to circulate these notes in Mumbai.

[link]

Banks prepared to check fake currency menace: RBI

Banks are fully geared to check the menace caused by fake currency, a senior official of the Reserve Bank of India said.

Reserve Bank of India Regional Director J Sadakkadulla said a high-level committee headed by RBI Deputy Governor Usha Thorat had recommended installing of note sorting machines (NSMs) in all bank branches in a phased manner and has asked the banks to give a road map to the RBI to achieve this task.

He said the number of fake notes in India was just eight pieces per million which is one of the lowest in the world. "The total circulation of the currency in India is 48 billion pieces and the fake currency merely 0.0008 per cent of that," he added.

"The market price of the note-sorting machine is Rs 10 lakh and will decrease in the near future,' said Sadakkadulla.
He said earlier, it was only the currency chest of the banks which were required to install note sorting machines. "But now each branch of the bank will have to go for note-sorting machines," he asserted.

At present, only about 4,000 currency chests have these machines and about 70,000 bank branches that are present all over the country require them.

[link]

Rs.20 lakh in fake currency recovered in Uttar Pradesh
2009-09-30 19:50:00

The Anti Terrorist Squad (ATS) of the Uttar Pradesh police Wednesday recovered fake Indian currency notes of more than Rs.20 lakh (two million) from a hideout in the Mainpuri district, police informed.

The recovery was made following the interrogation of one Girijesh Yadav, who was arrested with fake currency worth Rs.5 lakh from Manaknagar locality of Lucknow Tuesday.

Yadav was arrested on a tip-off by one of his accomplices, Arif, arrested earlier last week. The intelligence about Arif was provided by the Mumbai police.

The duo were engaged in circulating counterfeit currency for quite a long time and used to travel between Mumbai and Lucknow frequently, the police said.

During interrogation, Yadav also made some important revelations.

'Yadav used to supply fake currency to many gangs in Mumbai, Delhi and Uttar Pradesh. It has been found that the fake currency supplied to Mumbai was used for 'hawala' transactions. It was also utilised to make payments to big builders on the instructions of D company (Dawood Ibrahim gang) and others', Additional Director General of Police (ATS) A.K. Jain told reporters.

'They started this business in Mumbai and slowly began supplying fake currency in many districts of the state, including Lucknow,' Jain added.

They used to manufacture the notes in Mainpuri as it is a small district and they could easily function without the police noticing it, he said.

In a similar catch, three people were arrested in Etawah district Monday and fake currency of Rs.850,000 recovered from them.

However, police said there was no connection between the two gangs, as those arrested in Etawah used to manufacture the notes with the help of computer, scanner and colour printer and circulated them in rural parts of adjoining districts.

[link]

FIR Against Manager; Fake Note Trouble Bankers and More.....

2009-09-17T04:35:00.000-07:00

FIR against SBI manager for depositing fake notes

STAFF WRITER 13:48 HRS IST

Mainpuri, Sep 16 (PTI) The Reserve Bank of India has lodged an FIR against the branch manager of a nationalised bank for allegedly depositing fake Indian currency notes with it.

According to the FIR filed yesterday by manager of Reserve Bank of India (Kanpur Head Office) Anil Bajar, the Manager of State Bank of India, Bhongaon branch in Mainpuri, Inradeo Chturvedi had deposited fake notes in RBI on May 18, 2009, police said today.

Six notes with the face value of Rs 100 each were allegedly found fake by RBI on scanning and were sent to Nasik branch for testing.

The Nasik branch confirmed that they were fake, police said, adding following which an FIR was lodged.

"We are investigating the matter and culprits will be nabbed soon," Superintendent of Police, D K Rai said.

LINK

Fake notes test bankers

Rakshita Adyanthaya
First Published : 16 Sep 2009 06:52:17 AM IST
Last Updated : 16 Sep 2009 08:03:13 AM IST

BANGALORE: Banks continue to fall prey to fake currencies which are being pushed into the system.

Investigating officers said that the thread in the freshly printed fake currency notes are no longer hazy; the watermarks, the Ashoka Pillar, Mahatma Gandhi’s image, the denomination and the RBI mark are more prominent.

Some fake notes are photocopied which can be detected, but not the printed ones. The cashier of a bank is on the firing line.

A cashier of a nationalised bank at Chickpet said, The cash deposited by customers, come with bundles of various denominations. Some counting machine stop when it suspects a currency, but many a times it also rejects it later. It is very difficult for one to verify each note. In the September 14 story featured by Express, the complainants had received the currencies with 6EF series.

However, after the seizure of 345 counterfeit notes of Rs 1,000 denomination in the series of 2AQ and 8AC, bearing the signature of former RBI governor Dr Y V Reddy by the Anti-Terrorist Squad (ATS) of Mumbai, the RBI had alerted every bank to be cautious of the series, but not to avoid collecting the notes.

Premdas, a retired bank manager said, The RBI alerts keep coming banks, alerting us on a series which is breached. But, it is impossible to check the series while depositing cash. After the RBI released a number of series which had been counterfeited, many banks allegedly refused to take even the original currencies which bore those series.

Hence, on September 14, RBI sent a memorandum stating "RBI considers it necessary to emphasise that all government/semi-government offices, public/private sector institutions and also any other organisation/ establishment/ individual accepting cash should desist from such practices. Banks are now in a fix and many officers who do not want to get into the legalities are trying to solve the cases unofficially. An officer said, When a customer approaches us with one or two currencies of lower denomination, we just refund from our own pockets, and later burn the currency.

m.rakshita@epmltd.com
{Link}

Four teens among six held with fake notes

STAFF WRITER 19:4 HRS IST

Gwalior, Sep 16 (PTI) Madhya Pradesh Police have busted a gang involved in the circulation of fake currency notes here by arresting six persons, including four teenagers from Rajasthan, police said today.

Two persons were arrested here while the four teens rounded up in Dholpur district of Rajasthan, police said, adding fake currency with the face value of Rs two lakh was also recovered from their possession.

Acting on a tip off that fake notes were being circulated in Murar market here, police picked up one Ajit Jain and seized some counterfeit currency from him. After Jain, one Ajmer Singh was apprehended and 12 fake notes in Rs 500 denomination were seized from him, they said.

Singh told police that he used to bring counterfeit notes from village Gata in Dholpur.
{link}

2009-08-29T09:44:00.000-07:00

Inter-state fake currency racket busted in Hyderabad
PTI 29 August 2009, 08:43pm IST

HYDERABAD: West Godavari district Police in Andhra Pradesh on Saturday claimed to have busted a counterfeit currency racket with the arrest of
seven members of a inter-state gang and seized fake currency notes, with a face value of Rs 19 lakh from their possession.

A police team nabbed seven members of the gang including prime accused V Satyanarayana Reddy, three persons of West Bengal and two from Bihar at Goshpadhaksheatram in Kovvur of West Godavari yesterday, district superintendent of police Balakrishna said.

The fake notes, all in the denomination of Rs 500, were seized from them while they were trying to exchange it, he said adding "it is reliably learnt that the fake currency was procured through the border at West Bengal and Nepal and seems to be made in Pakistan."

A comprehensive investigation is launched to unearth the racket of counterfeit currency in Andhra Pradesh, he said.

The accused were identified as Md Ameer Hussian, Mubarak Hussian and A Ameer from Malda District in West Bengal, Kameswara Rao of East Godavari district, Vicky Sharaff and Pawan Sharaff from Patna, he added.

Further investigations were on. (link)

RBI issues fresh appeal on fake currency
Ruchika M. Khanna
Tribune News Service

Chandigarh, August 28
Seizure of counterfeit notes of Rs 1,000 denomination by the Anti Terrorist Squad (ATS) in Mumbai has set the alarm bells ringing for most banks in the country. In a fresh appeal to all public sector, private and foreign banks, the RBI has warned of large-scale counterfeit currency notes of Rs 1,000 denomination (of 2 AQ and 8 AC series) being in circulation.

Though no official details of the number of these fake notes in circulation are available, intelligence sources claim that over two lakh pieces of these notes have already been pushed in the country. Though the RBI sources have refused to comment on the number of pieces in circulation, it has warned the in-charges of fake note vigilance cells of all banks about the threat. Banks have been asked to ensure that the cash handling staff at all bank branches are alerted about these series of notes and ensure the usage of note sorting machines for Rs 1,000 notes.

It is learnt that the Mumbai ATS had recently seized 345 fake currency notes in the above mentioned series. These were seized from four persons belonging to West Bengal and Jharkhand. These notes also bore the signatures of Dr Y V Reddy, former Governor of the RBI.

Interestingly, all these notes (pertaining to the 2005-06 series) had all new and strengthened security features like optically variable ink, colour, shift security threat etc. Sources said the counterfeiting has been by printing of the notes and first visual impact is similar to the genuine notes. It was only when the notes were got checked by note sorting machines (NSMs) that they were treated as suspect.

Meanwhile, the annual report of the RBI released yesterday also mentions that the detection of counterfeit banknotes has showed a rising trend. As many as 3,98,111 counterfeit banknotes were detected at the Reserve Bank’s offices and bank branches during 2008-09 as compared to 1,95,811 in the previous year. Out of this, 3,42,281 pieces were detected at bank branches, which indicate the increased use of NSMs at their end.

The RBI has taken several steps to check the menace of counterfeit bank notes. The installation of NSMs by all banks at their currency chest branches (to facilitate examination and detection of counterfeit notes at the currency chest level itself), and the setting up of the Forged Note Vigilance Cells (FNVCs) at the banks (to ensure stringent levels of anti-counterfeit management in the banking system) helped significantly in the increased detection of counterfeit bank notes, says the annual report.

3 fake currency runners in police custody
TNN 29 August 2009, 06:00am IST

AKOLA: The three accused, who were arrested on Thursday night in the Rs 1.07 lakh fake currency case, were remanded in police custody till
September 2, said sources in the police department. Sayyad Sheikh (25), S K Ansar (33) and Shaikh Gulam (40) were produced before the local magistrate who passed the orders.

Earlier, acting on a tip off, the special police squad nabbed the accused and seized Rs 50,000 in fake currency from Bashir. The remaining fake currency was confiscated from the other two accused. The currency was in Rs 100 denomination. After crosschecking the seized notes with the real ones, the police realised that the former were fake.

Fake currency flowing in from Dubai, Bangladesh: Mumbai police
August 29th, 2009 - 10:23 pm ICT by ANI

Mumbai, Aug 29(ANI): Mumbai police on Saturday said that counterfeit currency was flowing into Mumbai from Dubai and Bangladesh.

Speaking on the sidelines of laying the foundation stone of a Police Academy here, Mumbai’s police commissioner D. Shivanandan said: Much of the money (fake currency) is coming from Dubai or from Calcutta (Kolkata) from Bangladesh side. We are coordinating with the Calcutta (Kolkata) police on this.

Several cases of fake currency notes being pumped into the country have been reported across the country.

The Gujarat Anti-Terrorism Squad (ATS), earlier in the day, arrested a key operative of a fake currency racket and seized counterfeit notes with a face value of 2,807 dollars. (ANI)

HOME

Relief on fake note deposits likely soon

2009-08-29T09:39:00.000-07:00

Mail Today
August 29, 2009

The government is seriously considering a proposal by the Reserve Bank of India (RBI) for not booking unsuspecting citizens in an FIR if they are found depositing less than five pieces of fake notes on a bank counter. The Union home ministry and finance ministry together are looking at implementing this RBI proposal with the main aim of avoiding harassment to a common citizen.

Thousand of Indians have had the nightmare lately of being booked in an FIR, harassed by the police and asked to prove their innocence because a currency note they deposited on a bank counter turned out to be a fake one. Such unsuspecting citizens had to go scurrying for the source of their 'counterfeit note' - be it showing an ATM receipt or withdrawal slip or naming the person who gave them that particular counterfeit note.

A report with a recommendation has been submitted to the government on August 11 by RBI's deputy governor Usha Thorat, who headed a high-level group comprising of top brass from the State Bank of India (SBI), ICICI Bank, Infosys, RBI, Indian Banks' Association (IBA) and former director general of CRPF, S.I.S. Ahmed.

The panel has, in effect, acknowledged the fact that a common citizen is not at all equipped to differentiate between a genuine and the hiquality fake currency notes circulating in the country.

"Individuals may come in possession of a counterfeit note without knowledge of it being a counterfeit and unintentionally become a conduit for circulation of the same by presenting it to a bank, or a business establishment," says the report.

In 2008-09, out of the nearly four lakh pieces of seized fake Indian currency notes (FICN), there were nearly 2.19 lakh Rs 500 notes, over 31,000 notes of Rs 1000 denomination and over 1.33 lakh fake currency notes of Rs 100. As per Thorat's proposal now, any person inadvertently in possession of fake notes up to five pieces and tendering them at a bank counter should be exempted from legal action. The logic is that a person submitting less than five fake notes is likely to not be a FICN trafficker.

"The bank need not file an FIR in such cases. Banks should impound such notes, send them to RBI, and provide acknowledgement to the tenderer as per current guidelines. For a non-customer, ID document or fingerprints may be obtained by the banks. For a customer, banks would already have the necessary documents," says the report.

CBI director Ashwani Kumar said that the security features in the currency note series of Rs 1,000, Rs 500 and Rs 100 introduced in 2005 have got leaked and recent fake notes seized have been found to consist of most of these top- notch security features.

As per RBI figures, from April 1, 2008, till March 31, 2009, nearly four lakh pieces of fake notes worth Rs 15.57 crore were detected in India's banking channels.

This was a jump of 300 per cent from 2007- 08 when FICN worth Rs 5.49 crore were seized by our banks and 1.95 lakh notes were found to be fake. In 2006- 07, the value of 1.04 lakh FICN caught by banks was just Rs 2.31 crore. This implies that the number of fake notes caught on bank counters has increased by four times in the last two years.

Thorat's report also says, "The present system used by 'Cash in Transit' (CIT) companies for replenishing cash in the ATMs leaves scope for counterfeit notes gaining entry into the ATMs," says the report.

Courtesy: Mail Today

link

HOME

Inks used in currency notes should be produced at home: Modi

2009-08-28T10:05:00.000-07:00

STAFF WRITER 22:30 HRS IST

Vadodara, Aug 27 (PTI) Country made inks should be used in the printing of Indian currency to save Rs 250 crore being spent on importing of foreign ink for the purpose, Gujarat Chief Minister Narendra Modi said today.

Use of Indian made inks in the printing of currency notes will save the foreign exchange of Rs 250 crore and check the circulation of fake currency, he said.

He was speaking at the inauguration of Sakata Ink India Ltd's second plant at Panoli, about 100 km from here today.

Fake currency rackets weaken country's economy and printing of currency is linked with the security of the nation. Keeping in mind this aspect, Centre should produce ink at home, he suggested.

The Chief Minister advised Reserve Bank of India to research on inks to be used for the printing of currency notes.

link

HOME

3-fold rise in counterfeit notes since 2007-08: RBI

2009-08-28T10:02:00.000-07:00

By Sneha Shah

The number and value of all counterfeit notes detected in 2008-09 rose three times from the previous year, says the annual report released by Reserve Bank of India (RBI). But it is only a tip of the iceberg, because these detections do not include what police and other law enforcement agencies in India have seized across the country.

Going by RBI data, the menace of the fake currency notes is staring hard in the face of Indian economy. The value of the counterfeit notes – detected by banking channels, tripled to Rs 15.57 crore in 2008-09, from Rs 5.49 crore in 2007-08, says RBI. If the pieces of counterfeit notes detected in 2007-08 were 1,95,811, it soared to 3,98,111 pieces in 2008-09. These numbers, says the report, are arrived at from the cases that are detected only by the banking channels — that is, if some banks have come across counterfeit notes in their branches or at their automated teller machines (ATMs).

A large number of fake notes that find their way to India through the porous borders around Pakistan, Nepal and Bhutan go undetected. “We shouldn’t be surprised if a farmer in Barabanki in Uttar Pradesh or some peasant in West Bengal is paying for his local rations through these notes,” said a senior technology officer, who also investigates online frauds and counterfeiting at a private sector bank, who preferred to remain anonymous.

According to the 2007 report of the National Crime Records Bureau, the agency that collates crime data related to various offences, 2,204 such cases were reported in 2007. Between January and August 2008, 1,170 cases had been registered across the country in connection with fake currency. Bogus notes with a face value of Rs 3.63 crore had been seized. All these put together, the number of counterfeit notes will be far higher than what the RBI’s annual report claims India has — eight in every million notes. Banking industry is also trying to grapple with smart fraudsters. The number of frauds in the banking sector has gone up to 23,914 in 2008-09 from 21,247 a year before.

link

HOME

Marked fake notes seized from Jaipur ATM

2009-08-28T10:00:00.000-07:00

Headlines Today
Jaipur, August 28, 2009

An ATM of City Bank in Jaipur was found flooded with fake currency notes on Thursday. The ATM cash also contained the currencies identified as fake and marked for destruction.

But instead of being destroyed, the notes found their way into the ATM. The Jaipur Police recovered fake notes worth Rs 67,000 from the ATM.

The needle of suspicion pointed at those using the ATM for mobile recharges as the machine could not identify fakes.

And given the high number of footfalls, it was difficult for the bank to single out culprits.

Jaipur SP Jose Mohan said, "The machine is automatic. The moment it receives cash, the mobile is recharged. It can't distinguish between fake and genuine notes. So there is no way to determine who deposited the fake notes."

"The mobile companies have been asked to develop a technique in this regard," the SP added.

link

HOME

India plans to experiment with polymer currency notes

2009-08-28T09:57:00.000-07:00

Sify Correspondent
2009-08-27 22:35:15
Last Updated: 2009-08-27 22:42:28

New Delhi: Jolted by the discovery that its 2005-6 series of Rs 1,000 notes, considered almost impossible to fake, have been duplicated, the Indian Government is planning to take a leaf from Australia and experiment with polymer currency notes.

A pilot project to introduce polymer currency notes is being finalised, a senior finance
ministry official confirmed.

'Compromised' template reason behind fake notes: CBI

As a starting point, senior officials said the RBI is planning to experiment with a million such notes of Rs 10 each based on plastic bank note technology.

Polymer currency notes developed by Australia are said to be very difficult to counterfeit. They are also more durable as they are made of non-porous polymer with a protective coating that prevents absorption of moisture.

The Reserve Bank has written to public-sector and private-sector banks that Mumbai Police recently seized fake notes, with the face value of Rs 1000 in the series 2 AQ and 8 AC bearing governor Y.V. Reddy's signatures.

This is the first time that counterfeiting of notes with new, strengthened security features like optically variable ink, colour shift, security thread, etc, has been brought to our notice," the letter says. The counterfeiting ... is very much akin to genuine notes."

Travelling to Nepal? Don't take 1000, 500 rupee notes

A report prepared by a joint venture floated by the Australian Reserve Bank, which owns the technology for polymer notes, says, The ability to create transparent areas (or clear and complete windows) is a prime security feature" that makes counterfeiting difficult.

These windows are visible in a range of lighting conditions", while another optical feature changes colour when tilted under a light source". Polymer notes also allow embossing and shadow images like paper notes.

Polymer notes are used in about 20 countries, including Australia, New Zealand, Romania, Bangladesh, Brazil, China, Mexico, Singapore and Sri Lanka. The central banks of these countries have put out studies claiming the use of polymer notes have drastically reduced counterfeiting.

Six held for fake currency racket in UP

None of the bigger nations, however, has adopted polymer notes -- one reason India has been hesitant about the technology. Some analysts say that whatever material is used to print currency -- polymer, paper, or paper mixed with other material -- it is the security features that prevent counterfeiting.

Indian security agencies believe the fake notes are being pushed in across three borders -- from Pakistan through Gujarat and Rajasthan, from Nepal, and from Sri Lanka through organised boat gangs.

New Delhi had raised the issue with the Nepal Prime Minister during his recent visit. The other security concerns raised were that Nepal's soil was being used for terrorist and other anti-India activities.

link

HOME

Watch out for fake Rs 1,000 notesWatch out for fake Rs 1,000 notes

2009-08-28T09:55:00.000-07:00

BANGALORE: If you’ve got currency notes of Rs 1000 denomination, make sure their numbers are not in the series 2AQ and 8AC bearing the signature
of Dr Y V Reddy. For, these are counterfeit and the RBI issued a warning to all banks across the country not to accept such notes. This follows the seizure of 345 counterfeit Rs 1000 notes by the Mumbai Anti-Terrorist Squad (ATS).

In a circular to all public sector, private sector and private banks issued in May this year, RBI general manager Ajay Michyari said the ATS seized the Rs 1000 denominations in the series 2AQ and 8AC with Reddy’s signature. The seizure was done from four persons from West Bengal and Jharkhand.

It’s the first time that counterfeiting of high denomination notes of the 2005-2006 series (notes with new/strengthened security features like optically variable ink, colour shift security thread, etc.) had been brought to their notice.

link

HOME

Fake notes deposited in RBI

2009-08-28T09:52:00.000-07:00

LUCKNOW: The deputy general manager (DGM) of the Reserve Bank of India (RBI) here gave a written complaint to the Gomtinagar police on Wednesday
that 88 persons from April 1 to June 3 this year deposited counterfeit cash worth over Rs 60,000.

In the case lodged by Gomtinagar police, it was mentioned that the DGM, H K Soni informed them that one Kamlesh Kumar of Ahemdabad of Sitapur district along with 87 other persons deposited the counterfeit cash in the bank. The exact amount of cash that was deposited in the bank is Rs 63,250.

The denomination of the notes that were deposited in the bank were 36 of Rs 1,000, 56 of Rs 500, 11 notes of Rs 100 and 3 of Rs 50. A case in he connection was lodged under section 489 ABCDE of Indian Penal Code and efforts were on to catch hold of the accused.

About a fortnight ago also the RBI DGM had given another written complaint in which some other persons too had deposited counterfeit currency notes in the bank.

link

HOME

BSF registers increased seizures along Bangla border

2009-08-28T09:48:00.000-07:00

GUWAHATI, Aug 26 – With deployment of additional forces and increased vigil along the international border with Bangladesh, seizures from smugglers increased sharply in the last few years, but increased cattle smuggling and attempts by unscrupulous elements to pump in fake Indian currency notes from abroad remain matters of serious concern. According to records available with the Border Security Force (BSF), the troops of the border guarding force seized cattle worth Rs 37.61 crore so far this year in the Assam-Meghalaya frontier and the seizures are increasing with every passing year. In 2005, the BSF seized cattle worth Rs 12.12 lakh and the figure increased to Rs 2.26 crore in 2006, Rs 8.17 crore in 2007 and Rs 15.58 crore last year. The records clearly indicate that the seizure has increased substantially in the last few years.

However, it is a fact that it is not possible to seize all the cattle sought to be smuggled out to Bangladesh because of the terrain and very often the smugglers use the riverine international border to smuggle out cattle. Once the cattle heads are pushed into the river, it is virtually impossible to seize those, sources admitted.

Interestingly, cattle from different places of India are brought to the international border in Dhubri to be smuggled out to Bangladesh and BSF sources said that there should be concerted efforts by all agencies concerned to deal with the menace instead of depending only on the border hoarding force. There should be attempts to prevent smugglers from bringing cattle all the way to the international border, sources added. Moreover, the BSF hands over the seized cattle heads to the Customs department for auctioning and there is every possibility of the smugglers buying back the seized cattle.

Meanwhile, police sources said that seizing cattle on the way is a difficult task “as in such a case, we will have to keep the cattle till the cases are disposed by the courts, which may even take months. We do not have any facility to keep the seized cattle and no extra fund is made available to feed those.” Police sources said that the Government would have to make all necessary arrangements like allotment of proper places to keep the cattle and providing funds to feed those to enable the police to prevent inter-state movement of cattle, sources added.

The efforts by the unscrupulous elements to smuggle in fake currency notes to Bangladesh is another major area of concern. The seizures of fake Indian currency notes by the BSF also registered sharp increase in the last five years. The face value of the fake Indian currency notes seized by the BSF in Assam-Meghalaya frontier in 2005 was Rs 6,300 and it increased to Rs 33,600 in 2006, Rs 50,600 in 2007 and Rs 52,000 last year. So far this year, the BSF seized fake currency notes of the face value of Rs 74,450. Most of the fake currency notes seized along the international border are of Rs 500 denomination.

Security sources said that there were attempts by certain groups to pump in fake currency notes to India from aboard to destabilize Indian economy and there are reports that such notes are printed in Pakistan and Bangladesh. The seizures by the BSF may turn out to be a tip of the iceberg as a big international racket is involved in the practice. The possibility of the involvement of the militants in such racket also cannot be ruled out, sources added.

Seizures of other smuggled items also registered sharp increase over the years and so far this year, the BSF seized contraband items worth Rs 2.75 crore. In the last five years, the BSF seized contraband goods worth between Rs seven to eight crore a year in the Assam-Meghalaya frontier, sources said.

Killing of smugglers near the international border also registered increase and so far this year, seven smugglers were killed compared to the killing of four last year and six in 2007.

BSF sources said that deployment of additional forces, extra vigil and providing modern equipment to the BSF personnel along the border resulted in increase of seizures.

Year	value of seized cattle	Face value of seized fake currency
2005	Rs 12,12,400	Rs 6,300
2006	Rs 2,26,79,660	Rs 33,600
2007	Rs 8,17,58,600	Rs 50,600
2008	Rs 15,58,65,700	Rs 52,000
2009	Rs 37,61,07,000	Rs 74,450

R Dutta Choudhury

link

HOME

add add * Prime accused, SPO arrested in fake currency racket

2009-08-28T09:44:00.000-07:00

Jammu, Aug 27 (PTI) The prime accused in a fake currency racket was arrested along with a special police officer (SPO) during a raid in Poonch district of Jammu and Kashmir, police said.

Acting on the disclosures made by arrested Territorial Army (TA) jawans-- Mohammad Inayat Hussain and Mohammad Aslam, who were found to be in possession of fake currency with a face value of Rs 1.70 lakh-- police conducted raids in the district yesterday.

They nabbed SPO Ziauddin and prime accused Nizamuddin and recovered counterfeit notes with a face value of Rs 17,000 from them.

According to the police, fake currency with a face value of Rs 5 lakh was sent by top Hizbul Mujahideen (HM) commander Abu Atif from Pakistan-occupied Kashmir (PoK) to Poonch through a militant courier and guide Bashir Ahmed on the intervening night of August 11-12, they said.

link

Author

Three sentenced to seven years RI in fake currency racket case

2009-08-26T09:07:00.000-07:00

Mainpuri (UP), Aug 26 Three persons have been sentenced to seven years rigorous imprisonment by a local court here in a 2001 fake currency racket case.

Additional Sessions Judge FTC-1 Ramkripal also imposed a fine of Rs 3000 each on the three convicts yesterday.

The Bewar police had arrested the three - Nand Ram, Mithulal and his wife Saroja Devi with 45 fake currency notes of Rs 100 denomination on December 26, 2001.

link

Author

Can you recognize a counterfeit note?

2009-08-26T08:54:00.000-07:00

Good fakes are getting better, nowadays! Well, one would say this on seeing the latest series of fake Indian Rs 1,000 and Rs 500 notes in circulation. They seem to have been printed on the same security paper and have security features that only government security presses can provide. Of late, even counterfeit notes of Rs 100 denomination are giving the government sleepless nights.

Unofficially, government sources claim that fake currency in circulation is worth almost Rs 1.7 lakh crore (Rs 1.7 trillion) -- 2006 estimates, and growing. Although the government does not admit this, the menace of counterfeiting seems to have forced its hand.

It is estimated that nearly 20 per cent of fake currency is padded in most land-related transactions that take place in black. India is experiencing an 'overheated' economy, the currency transactions are at a feverish pitch, making the circulation of counterfeit currency easy. The counterfeit notes find themselves in general circulation with ease and create havoc in the economy.

A huge amount of counterfeit notes is brought in from across the borders and introduced into the system in a bid to cause economic turmoil. Often, anti-social activities are funded by these fake notes, which slowly creep into the mainstream economy.

Of late, even ATMs are reported to be dispensing fake currency -- a new problem that banks and customers have to reckon with. It is a punishable offence to be in possession of fake currency, and if you are unable to explain its origin, you could land up in jail.

How would you recognize a fake note? Well, the Reserve Bank of India [ Get Quote ] has issued certain guidelines to detect counterfeits. Some of the common ways to detect fake are Watermark, Security Thread, Colour and Fluorescence.

Watermark:

Mahatma Gandhi's [ Images ] image is visible in the background of the currency note, when held against a light.

Colour:

Different colours, patterns and images on currency notes are visible under ultra violet light

Security Thread:

Currency notes have a special silver security thread, which contain the words 'RBI' and 'Bharat' (in Devnagari script).

Fluorescence:

Number panels on notes are printed with fluorescent ink and they glow when placed under detector.

If you were to hold a currency horizontally, at eye level, you will notice the denomination inscribed on the panel below the number on the right edge of the note. This is another easy method to verify the notes.

It is essential for you to be wary of the currency notes you receive during a cash transaction. As far as possible, conduct transactions by cheque or be electronic means of money transfer, to minimize possibilities of being stuck with fake notes.

When you withdraw notes from an ATM or your bank, you can explain the source of the notes -- but you cannot explain or remember where you got a fake note from, if you've been dealing with large volumes of cash.

link

Author

Five persons arrested with fake currency notes

2009-08-26T07:25:00.000-07:00

Mainpuri Aug 25 (PTI) Five people were today arrested with counterfeit currency notes worth nearly Rs one lakh.

Senior Superintendent of police, DK Rai said that on a tip off, the special operations group of the district police picked up five persons from near Chaukaria village and recovered counterfeit currency notes of Rs 500 and Rs 100 denomination worth Rs 99,700.

Those arrested are said to be members of an inter-state gang and interrogation was on, the SP said adding that based on the information provided by them more arrests are likely to be made.

link

Author

Fake Note Detector

2009-08-03T03:12:00.000-07:00

Shall Update on News with respect to the fight against rising Financial Terrorism in India.