Counterfeit currency trouble: SBI ATM in Kanpur dispenses fake, torn Rs 2,000 notes; case filed

By: |
New Delhi | Published: May 1, 2018 11:23:11 AM

This is not the first time when an ATM has dispensed fake notes. After the demonetisation decision in November 2016, several instances of ATMs dispensing fake notes were reported in different parts of the country.

fake note, SBI ATM, Kanpur, counterfeit currency, fake Rs 2000 note, fake note from ATM, SBI ATM KanpurCounterfeit currency trouble: SBI ATM in Kanpur dispenses fake, torn Rs 2,000 notes; case filed

If you thought that the troubles faced by people around the recent shortage of cash at ATMs were over, you may need to give it a rethink. For, reports of fake currency notes being pumped into the economy threatens to increase citizens’ woes once again.

In Kanpur, an ATM of state-run State Bank of India (SBI) on Saturday dispensed counterfeit Rs 2,000 notes to a resident here. News agency ANI reported that complainant Prashant Maurya has claimed that when he had visited the bank’s ATM to withdraw cash on Saturday, he was served with fake and torn higher denomination notes of Rs 2,000.

He said that in total, the machine gave out one fake note and six torn ones. He said that he later filed a complaint with the police. ANI said that police has registered a case and has taken up the matter with the bank.

The incident comes in the backdrop of news reports that ATMs in several states went dry due to an alleged shortage of cash inflow in the system. While the government has refuted reports of any such shortage, the issue of fake notes also goes against the idea behind the mammoth demonetisation exercise which had the removal of fake currency in circulation as among its priorities.

Moreover, this is not the first time when an ATM has dispensed fake notes. After the demonetisation decision in November 2016, several instances of ATMs dispensing fake notes were reported in different parts of the country. Also, the inequality reported in features of same denomination notes had caused panic among the public about the authenticity of notes.

The Kanpur incident once again raises serious doubts over the measures adopted by the government to check the flow of illicit money into the system. The notes are filled into a machine by bank officials or by third-party officials hired by the banks in the presence of tight security. In the past, it has been found that officials tasked to fill a machine had changed the notes at the last moment.

Alone in West Bengal, BSF’s South Bengal Frontier personnel had seized fake currency notes of the face value of Rs 55.88 lakh in 2017. The open border with Bangladesh in West Bengal makes the state vulnerable for terrorists to pump fake notes into the economy.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.