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  1. Greater Noida ATM dispenses fake Rs 500 currency notes, shock users

Greater Noida ATM dispenses fake Rs 500 currency notes, shock users

In another instance of ATM machine dispensing fake and torn currency notes has surfaced. This time the ATM was located in Kasna area of Greater Noida.

By: | New Delhi | Updated: November 30, 2017 1:02 PM
fake notes, fake notes atm, greater noida atm, delhi atm, atm in greater noida, rs 500 notes, rs 2000 notes, fake rs 500 note, fake rs 2000 note, fake note photos, In another instance of ATM machine dispensing fake and torn currency notes has surfaced. This time the ATM was located in Kasna area of Greater Noida.

In another instance of ATM machine dispensing fake and torn currency notes has surfaced. This time the ATM was located in Kasna area of Greater Noida. It has been learnt that torn and fake Rs 500 notes came out from the ATM. Needless to say, the development shocked the users. Also, in another instance in November, an ATM in Shaheen Bagh had dispensed half-printed Rs 2,000 notes, a customer had alleged. The man then approached the bank authorities with the fake Rs 2,000 note. Subsequently, police were alerted about the development.

In another instance earlier this year, a State Bank of India ATM in south Delhi’s Sangam Vihar had dispensed fake Rs 2,000 notes with some major errors. The notes, which on first glance would seem genuine, read ‘Children Bank of India’ instead of Reserve Bank of India and ‘Guaranteed by the Children’s Government’ in place of Guaranteed by the Central Government. The image on the note used words ‘Churan label’ and a fake ‘PK’ logo in place of the central bank’s seal, according to reports. The ‘Churan Lable’ fake note – a ‘mocking’ counterfeit of the Rs 2,000 note – also came out of a Ghaziabad ATM, report say.

In August, the Reserve Bank of India (RBI) had said that about 7,62,072 pieces of counterfeit notes were detected in the banking system last fiscal, which is an increase of 20.4 percent over the previous year, reports said. According to the central bank, during 2015-16 fiscal year, as many as 6.32 lakh pieces of fake currency notes were detected, the agency added in its annual report. The report further said that apart from Rs 100, the detection of counterfeit notes raised across denominations – notably, earlier high valued notes of Rs 500 and Rs 1,000, during the last fiscal, it added.

Check out images of fake notes

It said that on the day the demonetisation was announced on November 8 last year, the RBI had launched an exercise to evaluate the density of fake Indian currency notes (FICNs) which were detected during the verification and counting of currency notes.

Check out images of torn notes

“The result showed the rate of FICN detected per million pieces of notes processed at the CC (currency chest) level at 7.1 pieces for Rs 500 denomination and 19.1 pieces for Rs 1,000 denomination, which was higher than the rate of detection at the Reserve Bank,” the report added According to the report, , at the central bank’s currency verification and processing system, there were close to 2.4 pieces of FICNs of Rs 500 denomination and 5.8 pieces of Rs 1,000 for every million pieces notes processed ; which increased to 5.5 pieces and 12.4 pieces, respectively, after demonetisation period, the agency added.

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