Moneycontrol News

An ATM machine in Uttar Pradesh was found to be dispensing counterfeit currency notes.

According to a News18 tweet, the United Bank of India ATM in Subhashnagar, Bairelly, was giving out fake 500 rupees notes, with ‘Children Banks of India’, ‘Bhartiya Manoranjan Bank’ and ‘Churan Lable’ printed on them.

The Financial Intelligence Unit (FIU), that analyses suspicious financial transactions pertaining to money laundering and terror financing as part of the Union Finance Ministry establishment, reported counterfeit currency transactions in the banking and other economic channels increased over 3.22 lakh instances during 2016-17 as compared to the last year.

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