Question : Fake Currency Post Demonetisation

(a) the details of amount of money deposited in the banks since the date of demonetisation in the year 2016 till date;
(b) the amount of currency notes found to be false out of the said amount of money deposited in the banks;
(c) whether the Government has taken action against the banks/account holders/employees/officers in regard to the said fake currency notes;
(d) if so, the details thereof, bank-wise ;
(e) if not the views/intention of the Government in this regard, particularly with regard to Madhya Pradesh?

ANSWER

FINANCE MINISTER
(SMT. NIRMALA SITHARAMAN)

(a) Sir, the total value of Specified Bank Notes (SBNs) in circulation as on November 08, 2016, post verification and reconciliation, was Rs. 15,417.93 billion. The total value of SBNs returned from circulation is Rs. 15,310.73 billion.

(b) The total number of Fake Indian Currency Notes (FICNs) detected in SBNs deposited in the Banking channel during the period November 2016 to March 2019 is 570753 pieces, out of which 287279 pieces pertain to Rs. 500 denomination and 283474 pieces pertain to Rs. 1000 denomination of SBNs.

(c) to (e) Information on action taken on Bank employees/officers in regard to fake currency notes is not centrally maintained. However, whenever any irregularities are found or observed on the part of Bank’s official(s), the Banks initiate action, wherever required in consultation with Central Vigilance Commission, as per their extant rules; and commensurate punishment is awarded to the delinquent employees based on the seriousness of the wrongdoings as per Bank’s disciplinary rules.


*******