Fake notes in circulation

HYDERABAD, FEB 2: Fake notes of various denominations are in circulation in the twin cities, notwithstanding the measures taken by commerc...

HYDERABAD, FEB 2: Fake notes of various denominations are in circulation in the twin cities, notwithstanding the measures taken by commercial banks and establishments to check their flow.

Counterfeit notes of Rs 500, Rs 100 and Rs 50 denominations have so deeply penetrated into the market that it is becoming increasingly difficult for the police to weed them out. Some notes were so finely crafted that it was virtually impossible to notice any defect with the naked eye. Ignorant of this influx, several citizens and commercial institutions are accepting such notes from various sources.

Spurious notes are a regular phenomenon at busy government offices and banks. Those who manage cash counters at such offices are held responsible for the loss and often asked to make good for it from their pocket.

The Regional Passport Office in the city, for instance, receives fake notes at least once a week. The office received two notes of Rs 500 and one note of Rs 100 denomination on January 31. The Rs 500 notes bore the numbers OCB 462299 old note and 3CE 991539 new note.

One of the two notes numbered 3CE 991539 was so perfectly fabricated that the number on the top right and bottom left sides as well as the invisible marks glowed when kept under the ultra violet UV lamp. The only difference was that the broken silver line containing the acronym RBI8217; and the embossed impression of the bust of Mahatma Gandhi on the black square, which is visible when held against light, were slightly unclear.

Says passport officer M Sevala Naik: 8220;Receipt of fake notes has been a major problem at the ever-busy cash counters of our office. The three notes received the day before appeared to have aged naturally which was why our people did not doubt their genuineness. It was only our bankers who confirmed that they were fake. To thwart the receipt of spurious notes, we have installed five UV detectors at the cash counters yesterday.8221;

Canara Bank AP Circle divisional manager Jayaraman said: 8220;In view of the persistent risk, we have decided to acquire UV detectors and install them in all the 165 branches in the State. When we receive a fake note, we first verify the bonafides of the person who remits it. If he is a regular customer, we alert him. If it is a stranger, we inform the police.8221;

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Union Bank of India, Secunderabad, employee Nazeem Pasha says that 8220;Counterfeit notes had been a major problem until our officers procured a detecting device. A few days ago, we received two notes of Rs 500 and Rs 100 denomination. When we suspect foulplay, we accept notes only after scanning them in the detector.8221;

Hongkong and Shanghai Bank cash officer Bhavani Shankar said: 8220;We have installed an ultra-violet detector in our bank to make out fake notes from the genuine ones.8221;

Reserve Bank of India Deputy General Manager Issue Department M Janardhan admits: 8220;Since fake note are in circulation, we have widely publicised how to identify them from the genuine ones. We have instructed banks to impound and destroy such notes whenever they came across them. Whenever the members of the public receive such dubious notes, they should consult their nearest bank or the Treasurer of the RBIquot;.