Steps to curb circulation of Fake Indian Currency Notes- RBI

 The steps taken by the Government to curb circulation of Fake Indian Currency Notes (FICN) in the country include stepping up of vigilance by the Border Security Force and Custom authorities to prevent smuggling of fake notes; dissemination of information on security features through print and electronic media and formation of Forged Note Vigilance Cells in all the Head Offices of the banks. Additional security features have also been incorporated in the bank notes in 2005 to make counterfeiting very difficult. To strengthen the security of bank notes further, incorporation of latest security features is underway. A high Level Committee headed by the Union Home Secretary comprising officials from central agencies and other senior police officials has been constituted to monitor and draw a comprehensive strategy to combat FICN. Similar bodies have also been set up in the States. In addition, Government of India have nominated the Central Bureau of Investigation as the Nodal Agency to monitor investigation of fake currency note cases. The RBI has also strengthened the mechanism for detection of counterfeit notes by the Banks.

This information was given by the Minister of State for Finance Shri Namo Narain Meena in a written reply to a question raised in Lok Sabha today.

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Comments

  1. Kirit Vora says:

    Till the Indian Banks will understand the mutually exclusivity of Currency Authenticators & Currency Sorters and Currency Aauthentication and currency Sorting proceses, they are most likely to deploy currency sorters to detect fake notes !!!. Sorters just are meant for discriminations of currency on the basis of denomination, issuables & non Issuables, face up & face down, orientations etc where in simple stored images are compared with the scanned notes. only Image & light sensors fitted in sorters those can’t help to detect the minute diferences between sophisticated fake notes and genuine notes. Sorters tend to pass such high quality of fake notes.
    RBI is very clear in their guidelines that authentication is the pre requisites of sorting process but most of banks do not follow or understand the message issued by RBI !!!!. Concerned persons of all Bank should visit our web site http://www.paradigmcashsystems.com for genuinly following the guidelines of RBI. The concept is explained well in the web details

  2. Kirit Vora says:

    The main cause of infiltration of fake notes through Banking channel is use of wrong kind of equipment that is currency sorters. bank should look for pure desk top currency processors which accuratly authenticate genuine notes and reject fake notes.

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