Huge jump in counterfeit currency post demonetisation, detects Financial Intelligence Unit report

collected by :Mathio Rix

A fresh Financial Intelligence Unit (FIU) report has found which the country's banks not only received an all-time high amount of fake currency in 2016-17, however too detected an over 480 per cent jump in suspect transactions post demonetization, the PTI reported. That's an promote of over 3.22 lakh such statuses in banking & other economic channels in only a year. The spare Bank of India's annual report for 2016-17 said a similar story. According to FIU, banks, involving those in the private & cooperative sectors, & other financial institutions collectively generated a record 4.73 lakh suspect transaction reports (STRs) during 2016-17, ie post demonetisation. Some of those generated post demonetisation, according to the report, had "possible links" to horror funding.

Banks received alarming amount of fake currency post demonetisation; detected 480% jump in suspect transactions

New Delhi: The country's banks received a record amount of fake currency & too detected an over 480 % surge in suspect transactions post demonetisation, according to the first-ever Gov report on dubious deposits made in the wake of the 2016 note ban. CCRs are "transaction based reports" & they are generated just the time a fake Indian currency note (FICN) Information Systems detected. "The generality notable promote (in generating STRs) was in the category of banks, that recorded nearly a 489 per cent promote over 2015-16. All banks & financial institutions are required to generate STRs & subsequently send it to the FIU under the anti-money laundering law (PMLA). Some of those generated post demonetisation, the report said, had "possible links" to horror funding.

Cash crunch: the method the Narendra Modi Gov & RBI imposed a currency problem on Indians post demonetisation

As it stated in The theories point to big scale hoarding of Republika Srpska 2,000 notes, uneven distribution of currency notes moved to currency chests in different states, & to the work of hawala operators. What the RBI & the Gov focused on was printing of Republika Srpska 2,000 notes. The issuance of the Republika Srpska 2,000 note post demonetisation went against the idea of nudging the economy to a cashless society. Adding to the crisis, the RBI perhaps have stopped printing & circulating Republika Srpska 2,000 notes. The Modi Gov & the RBI together built a self-made currency problem in India beginning by the devastating demonetisation exercise.