Man Held While Depositing Fake Currency Worth Rs 30,000 In Bank

Shah Abbas

SRINAGAR

With RBI Board of Director in town for the last two days, police on Thursday afternoon arrested a person allegedly while depositing fake currency worth Rs 30,000 in Jammu and Kashmir Bank branch Pinjura in Shopian district.

Ghulam Mohammad Sheikh son of Mohammad Maqbool Sheikh a resident of Mohanpora Trenz, reached the branch to deposit Rs 45,000 in which Rs 30,000 were found fake, bank sources told Kashmir Life adding all the fake currency notes were of 1000 denomination.

Bank officials called the police who arrested Sheikh. Station House Officer, Shopian Irshad Ahmad confirmed the arrest of Sheikh and said that the matter is being investigated. SHO Irshad further said that an FIR number 64/2013 U/S 420 and 489A has been registered against Sheikh.

Giving details about the accused, SHO said that he is the owner of a drug store in his native village Mohanpora Trenz.
However, the common people who were present at the bank when the incident took place informed KL that they heard Sheikh saying that he had got the cash from somewhere and had nothing doing with the fake currency.

RBI governor D Subbarao on Wednsday talked at length about the fake currency in the market and the efforts to stop it. He admitted that the prevailing laws making holder of the fake currency note responsible is too draconian because the note might have come to him inadvertently. Existing laws empower banks to report fake currency to the police.

Subbarao, however, said that he has been able to convince the ministry of home affairs (MHA) that the system must be changed. “I have convinced them that the banks should report the case to police only if a person approaches them with four fake currency notes,” Subbarao told a gathering of students Wednesday evening.

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