New Delhi: There has been a 300% increase in fake currency transactions in India’s financial channels, a report compiled by the financial intelligence unit (FIU) under the Union finance ministry has said. The report states that during financial year 2011, the agency detected “4,23,539 incidents of fake Indian currency notes with a face value of over Rs 35 crore”. The FIU is notified about such detections, called counterfeit currency transactions (CCRs), by public and private sector banks under provisions of the Prevention of Money laundering Act and these numbered 1,27,781 in the fiscal 2010. The FIU report also revealed that notes of Rs 500 denomination bear the maximum brunt of counterfeiting in the country. “Rs 500 denomination notes constituted the bulk of CCRs at 60.74%,” the report said.
TOI
