Put it in the bank as RBI has made it easier to report counterfeit currency.
Have you ever been handed an Indian currency note that looks too good to be true? Well, chances that it really isn’t. In fact, it is entirely possible that the note was not even printed in India.
Counterfeit currency is one of the items being increasingly smuggled over the border or ‘illegally imported’ if one wants to put it diplomatically. The technical abbreviation is FICN, short for Fake Indian Currency Note. Now, we don’t know what’s worse; having to keep an eye out for fake notes or that they are circulated so much that the cops actually have a term for it!
If you do find yourself having a few FICNs tucked away, here’s some good news. In the monetary policy statement 2012-13, RBI addressed concerns relating to detection and reporting mechanism of counterfeit banknotes, to streamline the system in a manner which will make banks bear the risk of counterfeit bank notes rather than the common man who unknowingly comes in possession of such notes. So now you can deposit a FICN at your local bank and still get full value for it.
According to the Mumbai police, counterfeit currency seized all over the country in 2009 was 23.01 crore. In 2010 , it increased to 26.95 crore.
RBI had observed that although 90% of the currency chest are with the public sector banks, they are reporting a mere 10% of counterfeit notes, while private sector banks with less than 10% of currency chests are reporting 90% of such cases.
Short-term solutions: In the meanwhile, alternatives like internet banking and mobile banking are being aggressively promoted. The rationale is that if we utilise technology and avoid using actual currency during certain transactions, it will help to curb the menace to a large extent.
Trends tracked: Studies show that Maharashtra accounts for around 30% of all counterfeit notes seized in the market. This is because Mumbai and other major towns offer anonymity, presence of hawkers and small shops/ vendors in nooks and corners. Plus, life is so fast paced that people do not even realise what they are accepting.
Earlier counterfeiters would go to dance bars posing as patrons and get genuine smaller denomination currency in exchange for large denomination counterfeit currency on the pretext of wanting to shower crisp currency notes on the dancers. If anyone in Mumbai is eagerly waiting for those bars to reopen, its them!
Learn how to identify FICN notes, visit www.paisaboltahai.rbi.org.in
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