Fake Currency: You may loose 20% of your saving

Posted June 18, 2009 - 12:03 by isohelpline
Every year police recover lot of fake currency from terrorists, and other non social elements. The sad part of this story is that Indian government has not taken any result oriented steps to stop infiltration of fake currency.

These currencies are printed in Pakistan. The currency notes are almost same as original and very difficult to differentiate between the two as paper used in printing these currency notes is same as that used by India as Pakistan imports currency paper from the same source as India.

The shocking part of the story is that these fake notes now can be fond in bank reserves, ATM's (well! Check your pocket as well). Government recently acknowledged that there are about 20% of fake currency in India. That means every 5th currency note is fake.

If banks start segregated fake and real notes and destroy fake ones, there net capital will be reduced by 20%. and so your saving in the bank.

Everyone knows the lethargy with which Indian government works. Remember the case of Harshad Mehta, Ketan Parikh, Madhavpra Bank, Global Trust Bank etc., many innocent people lost their deposits for the greed of one or two people. Same is going to happen again. The greed of one of two bank officials have made way for fake currency to enter banking system, and now we all may loose 20% of our savings if government does not act appropriately and in time.

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