Posing a real threat to the State, circulation of fake currencies in Odisha has touched an all time high in 2015. The value of fake currencies impounded in the State last year was an eye-popping 700 per cent up since the last half a decade (2010-2015). More so, the impounded value of fakes last year is also nearly two-times that of 2014.
What looks more alarming is despite not being a border State, Odisha is now in the dubious list as the 15th most fake currency circulated State in the country from a distant 21 in 2012.
Significantly, the impoundment of such high value doesn’t come via seizure from State police, rather by confiscation by Reserve Bank of India (RBI) via commercial bank branches in the State. This reveals how swiftly fake currency racketeers duck the security umbrella in the State as they quite successfully are infusing the fakes into the country’s financial system.
According to a senior RBI official here, a whopping amount of around Rs30 lakh fake currency was recovered by RBI in 2015. Interestingly, of over 10, 200 fake notes impounded denominations of Rs500 account for around 32 per cent and Rs1,000 denomination accounts for over 8 per cent. However, denominations of Rs100 fakes account for the lion’s share of around 45 per cent. RBI’s catch of Rs1,000 and Rs500 denominations in 2015 is up by around 300 per cent and 600 per cent respectively since 2012, revealed the data available.
“RBI has directed all commercial banks to take possession of all identified counterfeit notes tendered at its counters. The directive further says if the pieces are around four in number in single transaction, respective banks should file an FIR with the police. Even, some banks have informed the police here,” he maintained.
Meanwhile, the State police in 2015 have seized counterfeit currencies totalling around 1,500 and valuing Rs6.7 lakh - where the Rs1,000 and Rs500 denominations account for around 34 per cent and 8 per cent shares respectively. Here too Rs100 denomination fakes grab the lion’s share of around 55 per cent, informed a senior police official at State Crime Branch.
An analysis brings to fore why Odisha is figuring prominently among fake circulation States. Since the State is sharing borders with intensive fake racketing States like West Bengal and Andhra Pradesh, and also a vast migrant worker population has a base in top fake burdened States like Tamil Nadu, Maharashtra and Gujarat, the senior police official explained this provides the inter-State fake currency network a fertile ground to spread its roots in Odisha and make the State a vehicle to infuse fakes into the national financial system.
The real worry then is when the entire high burden States have recorded a significant dip in value of counterfeits seized and recovered, a spike has been observed last year in States like Odisha and Assam, revealed a Central Government report.