Counterfeit notes turn up at RBI

HYDERABAD: Reserve Bank of India officials have found as many as 968 fake currency notes of various denominations since August, 2003. These currency notes were remitted by various banks along with other notes.
Worried over the growing number of fake currency notes, the RBI officials lodged a complaint with the Saifabad police on Wednesday. According to the complaint lodged by K R Vijaya Raghava, manager of the RBI, as many as 504 notes of Rs 100, 33 notes of Rs 50 and two notes of Rs 500 denomination were found from August 1 to 31.
And the flow of fake currency notes did not end there.Since September, as many as 429 notes — 18 notes of Rs 50, 389 notes of Rs 100 and 22 notes of Rs 500 denomination were found.
As these notes were received along with the currency remitted by various banks, the RBI has not been able to detect from which bank the fake currency was received.
Official sources said that it is not easy to detect fake notes at banks if they are pushed along with bundles of currency. It appears some people are circulating the fake currency this way, sources said.
Sources also said that normally, the RBI officials return the fake currency to those banks from whose cash bundles they were detected. However, sometimes the RBI fails to detect from which bank the fake currency was received and in such cases, a police complaint will be lodged, sources added. The case is being investigated by the Saifabad police.