Post demonetisation, the country’s banks not only received an all-time high amount of counterfeit currency but also detected an over 480 per cent jump in suspicious transactions, PTI reported quoting a first-ever report on dubious deposits made after the 2016 note ban decision.
As per the report by Financial Intelligence Unit, the banks have generated 400 per cent more suspicious transactions reports (STRs) at over 4.73 lakh such dossiers during 2016-17. Fake currency transactions in the banking and other economic channels, the report said, saw an increase by over 3.22 lakh instances during 2016-17 in comparison to the last year.
“A noteworthy growth was also seen in the number of counterfeit currency reports (CCRs) which increased from more than 4.10 lakh in 2015-16 to over 7.33 lakh in 2016-17, which may also be attributed to the demonetisaton exercise,” the report said. This was the highest figure recorded ever since the CCRs were first generated in the year 2008-09.
As part of the Union Finance Ministry establishment, the FIU provides quality financial intelligence for safeguarding the financial system from the abuses of money laundering, terrorism financing and other economic offences.
CCRs are “transaction based reports” and are generated only when a fake Indian currency note (FICN) is detected, while the STRs are generated when a transaction either indicates that it has been made in circumstances of unusual or unjustified complexity or appears to have no economic rationale or bona fide purpose.
However, the report did not specify the value of such fake currencies detected.
With PTI inputs