SBI finds Rs 300 crore deposited to be fake notes

The government has claimed that it has got Rs 12 lakh crore back, which it was not expecting

SBI finds Rs 300 crore deposited to be fake notes

The State Bank of India, India’s largest PSU bank, has found that over Rs 300 crore currency, which was exchanged via its ATMs between November 8 and 25, to be counterfeit notes, said a bank official who expected the figure to go up to Rs 1,000 crore.

Prime Minister Narendra Modi had announced demonetisation in an effort to eradicate black money, terror finance through fake notes etc. But it seems the Indian banking system has been taken for a ride by people who have deposited the same counterfeit currency back into the system, legitimising it.


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A senior SBI official said this was found in SBI alone and the scale would be much more given its 6 associate banks and the rest of the banking system. Though ATMs have cameras, it will be a very painful and expensive affair to find out who deposited the counterfeit notes, the official said.

In a recent interview to NaradaNews.com, former Lok Sabha MP Prakash Ambedkar questioned the rational of demonetisation and the currency exchange which has been curtailed thence. He said he expected some Rs 5 lakh crore of fake currency getting legal status, thereby increasing the scope for high inflation.

Read More: Demonetisation has legitimised counterfeit notes worth Rs 5 lakh crore: Prakash Ambedkar



The government has claimed that it has got Rs 12 lakh crore back, which it was not expecting. The demonetisation exercise has been soundly criticised for its professed claims. Now, the printers of fake currency are having a field day, having converted their counterfeit notes for the real either in notes or in bank accounts. The poor and the middle-class continue to suffer with over 90 people dying since November 8.

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