Following demonetisation, the RBI conducted a survey in regard to the number of fake note dispensed by ATM’s and Banking channels. This accounted for a staggering amount of Rs. 158.98 crores. In this a total of Rs. 14.97 crores were dispensed by the ATM’s alone in the last 3 and half years.
The report by RBI on ”Detection of fake Indian currency through bank channels” doesn’t attribute any real value to the notes. This counterfeit currency continues to exchange hands. This is not going to be a problem as they are not legal tender from November 9, 2016, and calls it just an opinion.
Coming to the denomination analysis, it shows that 5.42 lakh counterfeit notes of Rs. 100 notes worth Rs. 54.21 crore, 8.56 lakh Rs. 500 notes that amount to Rs. 42.8 crores and 4.7 lakh Rs. 1,000 notes that are worth Rs. 47 crore were dispensed through banking channels, that includes ATM’s. Combined with the Rs. 14.97 crores by ATM’s this amounts to Rs. 158.98 crore.
The banks do not follow a set process for checking counterfeit currency. They follow a random check method which may have caused this to happen. Also, the outsourcing that happens in Banking sectors and shortage of manpower is often blamed for these blunders. These outsourced channels do not carry out a strict procedures in checking the authenticity of the dispensed notes. This lets counterfeit notes to creep into the cash dispensing machines in the banking system.
According to RBI guidelines, it is mandatory that all banks should have currency checking machines that establish the genuineness of the notes. Before the outsourced money is installed into the ATM’s there has to be a thorough check of the money being installed with these machines. Even though training is mandatory to bank staff, negligence and sometimes random tests instead of regular checks might have caused to the counterfeit currency ending up in the banking services.
