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Beware of FAKE CURRENCY NOTES

October 19, 2010  by: S. Chowdhury  Points: 20   Category: Others  Earning $0.85   Views: 1703

The financial market is being adulterated by copious fake currency notes of five hundred and thousand rupees and the common man has to bear the brunt of it. This article also divulges the concealed truth about how the banks are adding fuel to fire, while the authorities are utterly callous.

         

Nowadays withdrawing money in cash from banks, post offices and other financial institutions can be no less than scary. I am not talking about ATM frauds or criminals who waylay among crowds to snatch somebody's hard-earned money at the first opportunity and run. I am talking about the fake currency notes. Most prevalent fake currency notes are the thousand rupee notes, five hundred rupee notes and some hundred rupee notes as well. As a matter of fact the Reserve Bank of India has issued a warning this year to the Banks and the Governments about the spurt of fake thousand rupee notes in the market, but neither the banks nor the Governments has implemented effective measures to weed out the filth from public domain. It's the general public like you and me who are the worse affected as always.



These fake currency notes are not only send across the borders from Pakistan in large consignments, where reports say the quality of paper and other materials used for printing are of the highest quality and almost the same used for preparing the original ones (it is a state sponsored malice by a neighbour gone astray), but it is being manufactured throughout the nook and corner of the Country in small unsuspicious set-ups with the involvement of latest technology and funding from the divisive forces operating within the Country and outside. The police raid some of these places on tip-offs once in a while and nab the people working there but the masterminds generally stay at large. We see those news on Televisions regularly with the police officers briefing the Press as several confiscated packets of fake currency notes lie in front of them on the table for the cameras of the channels and newspapers. From whatever reports I've read from various sources I can surely tell you that these are mere tip of icebergs and ways to fool the common man, the real rot is spread like a cancer throughout the Country.



Terrorist organizations and other enemies of the Country use these nefarious means to cripple the economy of the Country at large but more than the Nation the poor people have to pay dearly for this bitter menace. If anybody who doesn't earn that much is unfortunate enough to receive one of these fake notes, then not only that chunk of money is gone wasted, making a tight budget even tighter, but he would have double trouble explaining the authorities the exact reasons behind him possessing that particular fake currency note or notes, in case of more bad luck. This is not a figment of my imagination, these things have happened in the past and are happening still, some gets reported and most doesn't. The National economy on the other hand is bolster enough to face these challenges as it is still growing at a rapid rate of 9%, in times when the ghost of recession is still not gone and there is little chance of a slip. So if the Governments (both Centre and State) want that these poor people don't suffer anymore, which I doubt very much, then they must exercise proper filtering methods and ways of nabbing the real culprits. But sadly, there is a lack of will from the Governments part to act and act effectively. So the onus of protecting ourselves is solely on us now.

I'd like to explain how these fake currency notes get in and out of the Banks as per the reports I've read and seen from various sources. Branches at important locations of a city along with some other branches of reputed Banks as well as some other Banks carries out a lot of financial transactions of their customers everyday and some of those transactions are of astronomical amounts and few are even cash transactions. There are lots of customers of Banks who holds current accounts in them, run profitable big or medium scale businesses that require big chunks of money to be in and out of the Bank everyday. So for them making cash transaction of several lakhs is almost a routine matter. Therefore if we just put our heads into it, it would not be that hard to imagine how many thousand and five hundred rupee currency notes would be present in that big volume of money. When there are long queues, as is generally the case at most times, it is not possible to check every note for genuineness, as that will take an eternity, maybe even beyond the banking hours and neither the Bank employees nor the customers have such time to waste and even if the employees do the customers will make sure they don't visit that particular Bank or that particular branch again. Banks cannot afford to do that for the sake of their businesses. So what happens is that fake currency notes are pumped into the Bank almost everyday, which are discovered later on close examination. For the Banks those are losses that they are not ready to accept at all, so what they does is that they in turn surreptitiously pushes it back to the customers through ATMs and larger cash withdrawal payments. Two wrongs don't make it a right; only the fake money circulates in the market for the discomfort and danger of everybody. Even there are times when corrupt Bank officials in connivance with the fake note creators facilitate the pumping of fake currency notes into the Bank in exchange of large booties.

Other places like post offices, from where you can withdraw monthly interests are not free from suspicion, but they are certainly not even half worse to the degree the Banks are. ATMs are found to be the number one culprit, as most fake currency notes have come out of them. After learning of this bit of scary info I'd stopped taking five hundred and thousand rupee notes at most times from the ATM I use. I carry out multiple transactions in hundred rupees, which are less suspicious than the bigger ones, to make sure I don't get those frightful larger ones and even if I get one or two, I can't breathe easy until those were spend at the retailer shops. Even if I do detect a fake currency note from the ATM withdrawals accurately, I don't think any Bank would accept it.



If we go for paying our telephone bills, LIC Premium bills, Corporation Tax Quarter bills and other bills, some of them make us write the number of the five hundred or thousand rupee note along with our details so that they can get back at us if anything amiss is found with those currency notes, which might happen without our knowledge, but when it's our turn to be secured from the impending dangers we find to our dismay that it is non-existent. Anybody of us can end up having a lot of trouble for no fault of ours. The only fault can be the inability to identify a fake currency note. Even after the guidelines issued by the RBI and published in every leading newspaper of the Country I find it very confusing and it's not only me, but I've found lots of people having the same problems, even those people at the Cash Payment Counters have special detecting machines at their disposal, not sure of their human tests, so how come the RBI expect us to catch the scum with their bit of confusing jargon. And the Government simply doesn't care.



So we all have to formulate our own strategy in fighting with this menacing issue for the sake of financial safety and security of ourselves and also to stay out of trouble as well.




Comment(s)
Author: rockstar        
Posted Date: 10/21/2010    Points:2    

This is a very nice article about the latest issue. There are many people involved in fraudulent activities and it is thats why important to stop such activities. If the government has strict rules then only such things will be stopped in the country.
Author: Unmesh        
Posted Date: 10/22/2010    Points:2    

This is a very nice article about the latest issue. There are many people involved in fraudulent activities and it is thats why important to stop such activities. If the government has strict rules then only such things will be stopped in the country.
Author: ganesh        
Posted Date: 10/23/2010    Points:1    

It's nice artilce. All can learn from this about withdrawing the money.
Author: Honey        
Posted Date: 10/23/2010    Points:1    

Beware of FAKE CURRENCY NOTES.I Like thios post.It is Nice topic.I want To know more information about it.thanks
Author: Honey        
Posted Date: 10/27/2010    Points:4    

Other places like post offices, from where you can withdraw monthly interests are not free from suspicion, but they are certainly not even half worse to the degree the Banks are. ATMs are found to be the number one culprit, as most fake currency notes have come out of them. After learning of this bit of scary info I'd stopped taking five hundred and thousand rupee notes at most times from the ATM I use. I carry out multiple transactions in hundred rupees. i L;IKE THIS topic.Thanks
Author: S. Chowdhury        
Posted Date: 10/30/2010    Points:4    

Sorry for being late.
Thanks Honey, ganesh, unmesh, kaushalparikh and rockstar for your encouraging comments.
Actually I want to write articles like this but my only big problem is that
MY COMPUTER CREATES A LOT OF PROBLEM FOR ME EVERY NOW AND THEN.
It is so annoying.

That is why I've been so irregular in this site.
I just repaired the Monitor and got back here.
But as long as I have things within my control I'll for sure try to produce more such articles.
Thanks to all again.
Author: ram197        
Posted Date: 11/11/2010    Points:1    

extremely grateful for your encouraging of aspiration.
Author: S. Chowdhury        
Posted Date: 11/11/2010        

Thanks ram for your kind comments.
Author: S. Chowdhury        
Posted Date: 11/17/2010        

Do you own a brokerage firm???

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