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Increase in fake notes from pvt banks

New Delhi, Aug 26 () : RBI detected 4,62,865 counterfeit notes in 2011-12 as against 3,76,460 found in 2010-11,a steep jump of 23 per cent in the number of counterfeit notes detected by private-sector banks has put the government on an extra alert mode. During 2009-10, the counterfeit notes detected by these banks stood at 3,34,948 .

Plastic notes in the country will be introduced by the Reserve Bank of India (RBI) in f Jaipur, Shimla, Bhubaneshwar, Mysore and Cochin. Rs 10 notes in polymer/plastic will be introduced on a trial basis by the government, in consultation with RBI.

According to the finance ministry, decision has been taken with a view to extend the life of bank notes, in particular the lower denominations and the selection of location has been based on geographical location and climatic conditions.

Fake Indian currency notes (FICN) have Central Bureau of Investigation (CBI), RBI, home ministry, security and intelligence agencies of the Centre and the states working in tandem.

A special FICN coordination group led by National Investigation Agency (NIA) to focus on investigation of terror funding and fake currency cases has been formed by the home ministry to share intelligence information to counter circulation of fake currency.

Indo-US homeland security dialogue launched in May 2011 has United States cooperating in combating counterfeit currency.US has offered technical assistance to help India develop its database on counterfeit currency and has invited a team of Indian officials to visit the country’s facilities related to system of detection of counterfeit currency and storage of data.

HSBC and Standard Chartered and other foreign banks are being probed by the Reserve Bank for alleged breach of controls against money laundering and terror financing. Sebi capital market regulator may also join the investigations. These banks are said to be routing such money to the stock market through foreign investors and other entities.

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