ID :
120856
Sat, 05/08/2010 - 12:00
Auther :
Shortlink :
https://oananews.org//node/120856
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Proceeds of fake currency biz going abroad: Finmin
LSQ-FAKE
New Delhi, May 7 (PTI) The Indian government Friday
said gains from fake currency business are going abroad
through the hawala route and admitted that the quality of fake
currency has gone up with better imitation of security
features.
"It is a fact that the proceeds of the fake currency
note business are remitted abroad via the hawala route,"
minister of state for finance Namo Narain Meena informed the
Lok Sabha (Lower House of Indian Parliament). Hawala is
illegal exchange of money including via non-banking channels.
Meena, however, said it does not translate in physical
movement of genuine currency. In terms of conversion rate of
fake into genuine currency, the rate differs at various points
in the supply chain and also in geographic terms.
"The rate for a bulk supplier in Nepal is different from
the rate for a bulk supplier here. Similarly, retail rates are
different within the country, that is to say cheaper along the
border. The rate is also dependent on the quality of the fake
note," he said.
Further Meena said the quality of fake notes has improved
over the years in terms of imitating the genuine notes. But
still banks and experts could differentiate between the two,
he said, adding "while the quality of fake notes has become
sophisticated and has imitated several security features of
the post-2005 era, it is possible for banks and other experts
to distinguish between real and fake notes."
Additional security features are incorporated in the bank
notes from time to time to make counterfeiting difficult, he
said and admitted that there is no estimate available of fake
notes in circulation. However, as per the National Crime
Records Bureau (NCRB), fake notes with notional value of over
Rs 22 crore have been seized or recovered in 2009.
In reply to another query, he said the Reserve Bank
imposes penalty for the forged notes detected in soiled note
remittances or in "chest balances of currency chest" of banks.
"During July 2009-February 2010 penalty amounting to Rs
1,08,23,219 was recovered from public sector banks on account
of forged notes detected in soiled note remittances or in
chest balances," he said. PTI MG
MRD
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New Delhi, May 7 (PTI) The Indian government Friday
said gains from fake currency business are going abroad
through the hawala route and admitted that the quality of fake
currency has gone up with better imitation of security
features.
"It is a fact that the proceeds of the fake currency
note business are remitted abroad via the hawala route,"
minister of state for finance Namo Narain Meena informed the
Lok Sabha (Lower House of Indian Parliament). Hawala is
illegal exchange of money including via non-banking channels.
Meena, however, said it does not translate in physical
movement of genuine currency. In terms of conversion rate of
fake into genuine currency, the rate differs at various points
in the supply chain and also in geographic terms.
"The rate for a bulk supplier in Nepal is different from
the rate for a bulk supplier here. Similarly, retail rates are
different within the country, that is to say cheaper along the
border. The rate is also dependent on the quality of the fake
note," he said.
Further Meena said the quality of fake notes has improved
over the years in terms of imitating the genuine notes. But
still banks and experts could differentiate between the two,
he said, adding "while the quality of fake notes has become
sophisticated and has imitated several security features of
the post-2005 era, it is possible for banks and other experts
to distinguish between real and fake notes."
Additional security features are incorporated in the bank
notes from time to time to make counterfeiting difficult, he
said and admitted that there is no estimate available of fake
notes in circulation. However, as per the National Crime
Records Bureau (NCRB), fake notes with notional value of over
Rs 22 crore have been seized or recovered in 2009.
In reply to another query, he said the Reserve Bank
imposes penalty for the forged notes detected in soiled note
remittances or in "chest balances of currency chest" of banks.
"During July 2009-February 2010 penalty amounting to Rs
1,08,23,219 was recovered from public sector banks on account
of forged notes detected in soiled note remittances or in
chest balances," he said. PTI MG
MRD
The information contained in this electronic message and any attachments to this
message are intended for the exclusive
use of the addressee(s) and may contain proprietary, confidential or privileged
information. If you are not the intended
recipient, you should not disseminate, distribute or copy this e-mail. Please
notify the sender immediately and destroy
all copies of this message and any attachments contained in it.
Delete & Prev | Delete & Next
