2014 election effects and Alok tells you this in advance .....be prepared for such incidents

Pl. note that very crucial loksabha elections are coming. Many party are importing tons of counterfeit notes to spend in elections. They have asked RBI to do so. ........no one tells you this except Alok .........or they should wait till elections are over.

Also in next few months hundreds and thousands of cars, two wheelers will be stolen as they are needed by UP Bihar politicians.

Looting of banks,jwelery showrooms etc will be common again as money is needed by criminals contesting. 

The cases of extortions and kidnap will rise, smuggling of firearms, drugs will be up. 

The political party honchos who have parked their money in land, golds, shares will start encashing as they need funds so there will be down slide in market of these items. 

Carefully read paper and as elections come near you will read all such news daily over a bed tea. ........Alok 

RBI ask banks to collect counterfeit notes and give credit to customers.

The Reserve Bank guidelines on counterfeit notes to banks indicates that banks will have to streamline their system in a manner that they have to bear the risk of receiving counterfeits rather than the common man who suffers a loss by unknowingly comes into possession of such notes

The Reserve Bank of India (RBI) has directed banks to collect counterfeit notes from depositors, mark them appropriately and also give credit to the customer for value of notes submitted.

“Detection of counterfeit notes, at banks, should be at the back office or currency chest only,” the RBI said in a circular issued on 27 June 2013 . “Banknotes when tendered over the counters may be checked for arithmetical accuracy and other deficiencies like whether there are mutilated notes, and appropriate credit passed on to the depositor or account or value in exchange given,” it added.

The RBI has further said that banks, which detect and deposit such counterfeit currency, would be compensated to a small extent. In the circular the central bank said, “It has been decided to compensate the banks 25% of the loss incurred in respect of counterfeit notes of Rs100 and above detected by them and reported to RBI and Police authorities.” This means that banks will not be absolved of the duty to check for counterfeits, but would not be the losers when a small number of fakes get past them. 

The problem of counterfeit notes has been escalating over the years. Recently, fake Indian currency, worth Rs37 lakh from a Chinese source was detected at a Delhi restaurant. In another recent case, the National Investigation Agency (NIA) has revealed clear link between Pakistan and Jammu and Kashmir-based terror outfits pooling their resources to circulate fake Indian currency and using it to fund jihadi activities in India, says a report from India Today.

According to RBI, reporting and detection of counterfeit notes has not improved on its expected lines. RBI said although 90% of the currency chests are with the public sector banks, they account for reporting of a mere 10% of counterfeit notes, while private sector banks with less than 10% of currency chests are reporting 90% of such cases.