1. Demonetisation: Where are the fake notes? Even RBI doesn’t know

Demonetisation: Where are the fake notes? Even RBI doesn’t know

The Reserve Bank of India has admitted it has no confirmed data of the number or value of fake currencies detected since the demonetisation of Rs 500 and Rs 1,000 notes, a RTI query has revealed.

By: | Mumbai | Published: January 24, 2017 11:12 AM
In a pointed query, RBI was asked to provide details of the number or value of the fake currencies detected post-demonetisation, the name of the banks, dates, etc, between November 08-December 10, 2016. (Reuters) In a pointed query, RBI was asked to provide details of the number or value of the fake currencies detected post-demonetisation, the name of the banks, dates, etc, between November 08-December 10, 2016. (Reuters)

The Reserve Bank of India has admitted it has no confirmed data of the number or value of fake currencies detected since the demonetisation of Rs 500 and Rs 1,000 notes, a RTI query has revealed. “We presently don’t have the confirmed data on this query,” said a reply from the RBI’s Department of Currency Management (Forged Note Vigilance Division), to prominent activist Anil V Galgali.

In a pointed query, Galgali had asked RBI to provide details of the number or value of the fake currencies detected post-demonetisation, the name of the banks, dates, etc, between November 08-December 10, 2016.

“However, the RBI has made it clear that nearly 11 weeks later, it has simply no data available on this crucial aspect. So the government’s claims to demonetise as a weapon to kill fake currency is proving hollow,” Galgali told IANS.

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He pointed out that Prime Minister Narendra Modi had said that demonetisation would help wean out counterfeit currency notes and choke terror fundings.

“The RBI’s replies make it obvious that the government has failed in this endeavour or raised the bogey of fake currencies merely to implement demonetisation. Its now up to the PM to declare the figure/value of counterfeit notes recovered, in national interest,” Galgali said.

  1. M
    M
    Jan 24, 2017 at 10:34 pm
    Modi as chaukidar will have to give explanation or be hit by shoes at chauraha As he boosted himself
    Reply
    1. N
      N.dilip
      Jan 25, 2017 at 5:48 am
      It must be Gadbade and not Galgale.How could you ask RBI,about fake notes.Are fake notes makers are taking RBI's permission. Fake is fake. Data on fake will also be fake, because a thief Wii never reveal .
      Reply
      1. H
        Hemant
        Jan 25, 2017 at 4:04 am
        Bhaayà Modi toh giyo!
        Reply
        1. T
          tushar Ranjan
          Jan 24, 2017 at 10:35 am
          Good
          Reply
          1. P
            pradeep
            Feb 3, 2017 at 3:46 pm
            Banks have accepted all kinds of notes as deposits which include fake notes and even rubbish plain paper as currency.the persons who launched this antinational demo5should be first booked.
            Reply
            1. Ramaswamy Sevilimedu Veeravalli
              Jan 24, 2017 at 10:08 am
              I am sure that the person & MEDIA which put up this news are either DOWNRIGHT S, CROOKS or PEOPLE WHO HAVE LODT EVERYTHING BY DEMONITISATION. Which fool will take fake & COUNTERFEIT NOTES to BANK to remit into account or exchange. It's like asking HOW MANY TERRORIST or THIEVES have gone to POLICE station or court to surrender.
              Reply
              1. S
                satyajita
                Jan 24, 2017 at 9:52 am
                It is surprising that such a conclusion is drawn. If a person holds fake currency, would He dare deposit in the bank? He will simply burn it away won't he? How will any one be the wiser of the amount of burnt notes I wonder.
                Reply
                1. S
                  Satyesh Banavali
                  Jan 24, 2017 at 6:04 am
                  A very good observation. It looks like the governments mentioned objective was different from what they actually intended to do. The funny part is that majority of the BJP candidates are the ones who have defected from other political parties to which the BJP regards as corrupt. Was this demonetisation exercise a means to protect the interests of such and other few?
                  Reply
                  1. K
                    Karthik
                    Jan 24, 2017 at 1:56 pm
                    Absurd comment. No currency racketeering guy will risk taking his notes to the bank. But what about the common guy like you or me who holds a counterfeit note that has already been put into circulation and is undetectable to the common man. Cant the RBI tell this number. If they are keeping silent then they are the crooked people having ulterior motives.You are for sure one who is a blind bhakt to the core
                    Reply
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