Training cum Awareness programme on Fake Indian Currency notes and Non Banking Finance Companies” for the Officers of Sikkim Police

1. Reserve Bank of India, Gangtok on February 07, 2012 conducted “Training cum Awareness programme on Fake Indian Currency notes and Non Banking Finance Companies” for the Officers of Sikkim Police. The programme was intended to impart knowledge on detection and proper ways of disposal of Fake Indian Currency notes and give vital inputs about Non Banking Finance Companies by experts from Reserve Bank of India.

2. While inaugurating the workshop at Royal Plaza, Shri E.E. Karthak,General Manager/O-i-C, RBI Gangtok in the presence of Shri Akshaye Sachdeva, IPS, IGP, Sikkim Armed Police, Smt Mrinalini Srivastava, IPS, SP, CID, Sikkim Police mentioned that with the recent seizure of fake notes to the tune of Rs 2.25 Crore in New Delhi, it has been understood that the counterfeiters have achieved a ‘zero-error counterfeiting capability’, with all the features in a genuine Indian currency note being present in these counterfeit notes. It took the experts long hours to identify each note. The seized notes have all the basic security features of Indian Currency notes namely Micro printing-used by RBI to combat counterfeiting, Gandhi watermark, Security thread, 100% cotton paper, embossing by insertion of Intaglio images and electro yet watermark. These counterfeits are smuggled from Pakistan via Jammu to India to fund terror operations. The alternative routes for trafficking of the counterfeits are the porous borders of Nepal, Bangladesh and the sea. Nationwide raids by the National Investigating Agency has lead to arrests of 14 people smashing an international racket involving the smuggling and distribution of Fake Indian Currency notes by Pakistani agents through their Indian operatives.

3. He further stated that a lot of private finance companies, namely Bharosa, Stock Guru (now curbed) etc have been collecting deposits from the general public with the promise of very lucrative returns. These Non Banking Finance Companies have been luring gullible investors under the pretext of being deposit taking NBFCs as licensed by the Reserve Bank of India. The investors in such companies often find themselves as victims of financial frauds who under normal recourse approach police officials. In the light of such activities it becomes important to equip the Sikkim Police Officers with an understanding of Non Banking Financial Companies so that such malpractices are curbed with immediate effect.

4. Speaking to the participating officers, Shri Akshaye Sachdeva IPS, IGP, Sikkim Armed Police, Government of Sikkim highlighted the vital role the Sikkim Police has played in nabbing fraudulent NBFCs namely Bharosa, Teena Finserv and Stock Guru etc. He also indicated the problems faced by the Sikkim Police in distinguishing the legitimate areas of operations of the NBFCs. He also highlighted the issue of public dilemma in registering complaints against these companies in hopes of getting the promised returns by these companies. He also commended the pro active policing undertaken by the police in registering suo moto cases against these fraudulent NBFCs in the past. 

5. The guest faculty from RBI Kolkata namely Shri Kishore Pariyar, DGM, Department on Non Banking Supervision and Shri S.N. Mitra, AGM, Issue Department gave specialized input for the functioning of NBFCs and the features of Genuine Indian Currency notes respectively.

- As reported by Tenzing Namgyal, Executive Intern, Reserve Bank of India, Gangtok