Counterfeit currency detection instances in the country’s banking channels have seen an all time increase in the last eight years at over 3.53 lakh instances, according to a latest government report. All banks, either public sector, private and foreign banks in the country, are mandated to report such instances to the Financial Intelligence Unit (FIU) under anti-money laundering law provisions.
“The number of counterfeit currency reports (CCRs) increased from a mere 8,580 in 2007-08 to 35,730 in 2008-09 and 3,53,837 in 2014-15,” the report, accessed by PTI, said. However, the amount of fake currency detected has not been specified.
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