(a) whether the Government is suffering substantial financial losses due to circulation of forged/counterfeit
Cash Certificates and Bonds;
(b) if so, the quantum of losses suffered annually;
(c) whether the Government are contemplating to incorporate foolproof device in order to eliminate possibility
of circulation of counterfeit Bonds;
(d) if so, the details thereof; and
(e) if not, the reasons therefor?
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI PAWAN KUMAR BANSAL)
(a) to (e) There have been some instances of circulation of non-genuine Government
debt instruments that have come to the notice of government. It is difficult to
quantify the amount of losses on this account.In respect of Government securities,
the progress towards dematerialisation, which is proposed to be completed after
enactment of Government Securities Bill, is expected to curb the possibility of
counterfeiting.In respect of instruments in physical forms, various administrative
steps have been taken.These include instructions regarding surprise checks of
concerned agencies, greater awareness about the security features, publicity
requesting the public to conduct transactions through Post Offices/Authorized
agents, and more stringent procedure for verification by staff before encashment.