Centre not doing enough on fake currency: Parrikar

Last Updated: Sunday, July 01, 2012, 13:30

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Tags: Manohar Parrikar, Fake currency, Central govt

Panaji: Goa Chief Minister Manohar Parrikar has said the Centre has failed to take effective steps to curb circulation of fake currency notes in the Indian market with the initiatives being spoilt by neighbouring Pakistan.

"Whatever Reserve Bank of India pumps in (genuine currency) is flushed out by Pakistan. There is a massive influx of duplicate notes in the market," Parrikar told an annual general body meeting of Goa Chamber of Commerce and Industry (GCCI) in Panaji Saturday evening.

Parrikar said he was making this statement responsibly, "after knowing the actual facts".

"In most of the cases where banks find duplicate notes, they don't report it to the police because the cops arrest the holder of the note. They usually cross the note (with pen) and give it back to the customer without accepting it," he said.

The chief minister said that he had brought the issue to the notice of the Union Home Minister P Chidambaram, who said that it is a state subject and for them (states) to deal with it.

PTI

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First Published: Sunday, July 01, 2012, 13:30

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Parab L R - Mumbai
Since RBI introduced destruction of notes without examination in Note section of RBI and also entrusted Currency Chest to MNC banks the Fake notes are on rise in circulation. What statistical figures shown in RBI annual report is not a correct picture of magnitude of fake currency as has been said here that no all cases are reported to the police. We can compare this with criminal cases in society. If number of police stations reduced crime is on reise. RBI note Examination Sections spread in all offices all over India were doing this job without any profit motive. Where as the MNC banks, private banks and for that matter PSU banks are profit mitivated. They do not do examination work properly. In addition, the soiled and torn notes are on rise in circulation as the RBI do not carry examination and destruction of notes and rely on banks motivated by profit, RBI should conduct the magnitude of soiled / torn notes and fake currency in circulation by conducting survey by independent agencies.In fact RBI is running away from national responsibility and closed/closing counters and note examination sections spread in RBI offices alll over India. This is anti-national approach which must be thwarted by making public move. RBI has to pay for currency security in India rather than closing its functioning systenatically and reduce its expenditure on wages.This the most tragic thing. Nation has to take note of this.

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Sanjaya Maruvad - Hyderabad
It is unfortunate that a CM of the state makes such a statement. The state itself has a great responsibility in curbing the fake currency circulation and RBI is doing its best to bring the variuous orgnatisations involved in the job. District and State level bodies have been formed for coordinating the efforts and in some state the progress is very good. However, all State Govts, do not show the same enthusiasm and this hold good for banks also: the bank officers at lower levels are blisfully unaware of their role.

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Bhardwaj Satish - New Delhi
Fake currency is JV of GoI, RBI, De La Rue and Pakistan, for ruling classes, personal job security is more important than economic well being, can’t help.