BANGALORE: Despite new security protocols adopted by the RBI and stringent measures taken by public sector banks (PSBs), counterfeit notes continue to be pushed through “banking channels” via innocent customers and hawala operators on a day-to-day basis. Many bankers say, “The volume of transactions is so huge that it is not possible to detect every fake Indian currency note (FICN) that is circulated by conduits surreptitiously either sandwiched between bulk deposits or in the ATMs.” According to RBI Annual Reports, the number of detection of FICNs has increased from 1,04,743 pieces detected in 2006 to 4,35,607 pieces in 2011. “With 90 per cent detection, it shows there is a high level of awareness among bank employees,” the report claims.....
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