Dealing with the major menace of counterfeit notes, Narendra Modi-led central government is now planning revise security features of higher denomination banknotes of Rs 2,000 and Rs 500 every 3-4 years in accordance with global standards, a PTI report said on Sunday. As per the report, the move has been taken in the wake of recovery of a large amount of fake Indian currency notes in last four months.
Here are 5 things you shoould know about the decision:
1) The decision was taken after a meeting between senior officials of the ministries of Finance and Home, including Union Home Secretary Rajiv Mehrishi. Advocating the move, Home Ministry officials argued that most of the developed countries change security features of their currency notes every 3-4 years and therefore, it is absolutely necessary for India to follow this policy.
2) The change in security features is now due for a long time. There were hardly any major changes in the Rs 1,000 note since its introduction in 2000. In Rs 500 notes, which was launched in 1987, last changes were carried out more than a decade ago. Also, the newly introduced notes have no additional security features. The new notes are similar to those in the old Rs 1,000 and Rs 500 notes.
3) Officials have found that at least 11 of the 17 security features in the new Rs 2,000 notes had been replicated. There is need to modify these features.
4) What are the security sign and features in Indian Currency notes?
The security features in these notes include transparent area, watermark, Ashoka Pillar emblem, the letters ‘Rs 2000’ on the left, the guarantee clause with the Reserve Bank of India Governor’s signature and the denomination number in Devanagari on the front, officials said. It also includes the motif of ‘Chandrayaan’, the ‘Swachh Bharat’ logo and the year of printing had been copied on the reverse side.
5) As per the officials, change of security features of currency notes in every 3-4 years will lead to curbing of counterfeiting to a great extent. Those who were arrested recently along with fake notes with face value of Rs 2,000 have told investigators that the notes were printed in Pakistan with the help of the Inter Services Intelligence (ISI) and had been smuggled into the country through Bangladesh.
With PTI inputs