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.