The biggest disclosure of the ban on banknotes, the most fake notes deposited in banks
After the ban, country's banks received the largest number of forged notes, while during the same period, suspicious transactions increased by more than 480 percent. This disclosed in the first report on suspicious deposits after the ban in 2016. After the registration, most of the notes of 500 and 1000 rupees deposited in the banks. It stated in the report that in addition to the public and private sector, cooperative banks and other financial institutions collectively reported 400% more suspicious transactions. In this way, in total, more than 4.73 lakh suspicious transactions reported in 2016-17.
Number of CCR reached 7.33 lakh
According to the Financial Intelligence Unit (FIU), in case of fake currency transactions in banking and other financial channels in 2016-17, it increased by 3.22 lakh compared to the previous year. The report said that this matter was related to the announcement of closure of 500 and 1,000 notes by Prime Minister Narendra Modi on November 8, 2016. It said that the number of counterfeit currency reports (CCRs) increased from 4.10 lakhs in 2015-16 to 7.33 lakhs in 2016-17. This is the highest figure of the CCR.
For the first time the CCR extracted in 2008-09. CCR is a 'transaction based report' and it appears only when fake notes are detected. According to Money Laundering rules of FIU, banks and other financial bodies have to report all the cash transactions in which fake currency notes are used as real notes or fraud with valuable security or documents. However, the value of such fake currency not reported in the report.
STR deducted when the transaction in an unusual situation and there is no financial reason or intention behind it. The number of such cases increased by more than 400 percent during this period. 4,73,000 STRs received in the financial year 2016-17, which is four times as compared to 2015-16. It said in the report that the main reason behind this the ban on bondage.
The cases of extracting STR have come in the category of most banks. These increased 489 percent compared to 2015-16. In the case of financial units, the increase was 270. For all banks and financial institutions it necessary to withdraw the STR, which sent to FIU under Money Laundering Act. It said in the report that the probable relationship of some STRs which came out after the ban by funding terrorism.