20 days after demonetisation, 3.4% of all notes returned are counterfeit
BENGALURU: One of the main objectives of the government’s decision to demonetise the old Rs 500 and Rs 1,000 notes was to root out fake notes, which are used for terror funding among other crimes.
However, according to documents available with TOI, only 1.39 lakh (3.4% of all notes returned) fake notes with a face value of Rs 9.63 crore had been returned to the banking system by November 27, nearly 20 days after the demonetisation decision kicked in.
This forms an extremely small share of the estimated face value of fake Rs 500 and Rs 1,000 notes in circulation. In the first half of 2016, the Indian Statistical Institute (ISI) had pegged the face value of fake notes in circulation at Rs 400 crore — Rs 1,000 notes accounted for 50% of the sum, while the old Rs 500 accounted for at least 25%. According to the ISI’s estimates, together, the fake notes of the Rs 500 and Rs 1,000 denominations had a face value of Rs 300 crore.
People may not return as they may fear of arrest and punishment. may be that they money could have been destroyed by them. Only the gullible and innocents who had them might have returned.
How does a fake note costs to a fake note dealer? It is peanut. Naturally, they do not care to return it. Ordinary people who are in possession of such notes would attempt to return it knowingly or unknowingly.
Sangeet Kumar Jain
These Rs 9.3 Crores of FICN returned are obviously from those who didn’t know that they were fake. They are victims of FICN
Its common sense! Why would someone with fake notes surrender knowingly!! The ones which were returned probably were those which were already in circulation with common man who could not realize they were fake!!!
This stupid report seem to suggest that bankers were expected to accept and exchange fake notes
Many of the fake money owner would know that the money in their possession is fake. Why would they come to deposit it?
How come the bank officials accepted counterfeit bills for exchange?
Or maybe the original estimate itself was wrong…
Banks are intelligent enough to identify fake currency. They are rejecting fake currency. So there is no chance to exchange fake currency.
fake notes was thrown out in the garbage. how they will get in the bank?
which fool will try to deposit fake notes in Bank. This notes are burnt or disposed.
Those who know it is a fake currency do you think he/ she would try to deposit in bank accounts? They are trying to burn it out.