If Banks can’t detect counterfeit, how can people, why ATM’s dispense fake currency notes?
Bengaluru: Banks and ATM’s are the place where people trust that they will be getting clean notes. They think that these notes are not counterfeit and can easily use it. However the problem is when people start getting duplicate notes.
19 Lakh fake notes of different denomination were dispensed from the atm since last 3 years. This sums to Rs 14.97 crore fake notes being dispensed from the ATM.
The denomination – wise analysis shows that fake indian currency notes as dispensed from ATM’s
100 Rs Notes: 5.42 Lakhs notes worth Rs 39.56 crore
500 Rs Notes: 8.76 lakhs Worth 43.8 crore
1000 Rs Notes: 4.7 lakhs worth 47 crore
What does Rulebook says
If ATM dispenses a single fake note, bank often keep it, however when a machine dispenses up to four counterfeit notes in a single transaction, consolidated report must be sent to police at the end of the month.
If five of more counterfeit notes are dispensed in a single transaction, FIR should be lodged.
Whom to blame
The question is if the banks are not able to recognize the counterfeit notes and they are not able to remove it from the banking system how can we think of removing black money from the society.
As per RBI guidelines mandate that banks should have currency checking machines o establish the genuineness of the notes. Before accepting deposits or loading cash into the ATM Machine, the currency must be checked using these machines. If it is mandatory for the banks to follow this then why it is not followed by the banks.
The outsourcing and shortage of manpower, is often blamed for the mistakes by this banks, sometimes the checking of the notes takes the back seat. Instead of thorough testing banks do random testing of the Notes and miss out some of these Notes.
How to avoid, Mandatory training of the bank employees and checking of all the cash money coming in the banks should be made compulsory
Source: As per report published in timesofindia