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  1. Rs 500, Rs 1,000 currency notes all set to turn fake-proof

Rs 500, Rs 1,000 currency notes all set to turn fake-proof

In order to fight the menace of Fake Indian Currency Notes (FICN), the government has approved introduction of seven new security features...

By: | New Delhi | Updated: September 2, 2015 7:29 PM
Fake currency notes

The Rs 500 and Rs 1,000 currency notes with those features will be available soon and be introduced in those of other denominations by May next. (Reuters)

In order to fight the menace of Fake Indian Currency Notes (FICN), the government has approved introduction of seven new security features and the project is likely to be completed by May next year. In the first phase, the features will be included in high denomination notes of Rs 500 and Rs 1,000, which are much in demand by counterfeiting gangs as also Pakistan’s ISI, official sources said.

The security features recommended by the RBI Central Board, details of which are not yet known, were recently approved by the government.

After accepting the recommendations, the government asked RBI to set in motion the introduction of the new features, sources said.

The Rs 500 and Rs 1000 currency notes with those features will be available soon and be introduced in those of other denominations by May next.

The Bhartiya Reserve Bank Note Mudran (Pvt) Limited and Security Printing and Minting Corporation of India Limited are undertaking the project.

RBI has also asked the banks to stamp fake notes detected over the counter as “COUNTERFEIT NOTE” and impound them immediately. Banks found not following the procedure will be penalised. Banks have also been instructed to issue a receipt for counterfeit notes to the tenderer of the FICN, they said.

As per the estimates, fake Indian currency notes of face value of Rs 30 crore are in circulation. National Investigation Agency has been made the nodal agency for FICN cases as the government treats it as ‘economic terrorism’.

Pakistan’s ISI has been actively pumping fake notes into India and central security agencies are alarmed at the new routes being taken by the spy agency to unleash ‘economic terror’.

The flow of fake notes is no longer limited to smuggling from the border areas of Pakistan, Bangladesh and Nepal but central Southeast Asian countries have lately emerged as important transit points.

Malaysia, Thailand and Oman, frequented by Indians, have emerged as the new centres for stocking FICN and then circulating it across India.

In certain cases, courier services of international repute have also been used by the ISI to pump in fake currency notes.

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  1. b
    blogger3110
    Sep 3, 2015 at 12:58 pm
    India should print stani notes and pump them into circulation there
    Reply
    1. Hemen Parekh
      Nov 14, 2015 at 12:52 pm
      NETWORK OF CURRENCY NOTES ? ( A Mobile App called " BLACK-MAIL " ) While inaugurating the International Conference on " Networking the Networks " on Nov 2 , our FM Shri Jaitleyji said : " Tax evasion and money laundering will become extremely difficult in the next 1-2 years, with the global automatic exchange of information system coming into effect on a real time basis " To speed up this process and make it truly automatic / real time , I suggest resorting to the following technologies : # Internet of Things ( IoT ) As each currency note of Rs 500 / 1000 , is getting printed , embed it with microscopic RFID chips Besides communicating with each other , these chips will also transmit their existence location , through internet , to cloud-based servers of Income Tax Department This will form a " NETWORK OF CURRENCY NOTES ( NoC ) " You may like to call this Internet of Currency ( IoC ) , a sub-set of IoT ! # Internet Protocol Address System ( IP V 6.0 ) Each Rs 500 / 1000 currency note must be igned ( at the time of printing ) , its own unique Internet Address , using IP V 6.0 This IP address should be linked with the unique Serial Number printed on each note. Since IP V 6.0 , will be capable of igning " 2 * 10 to the power of 128 ", no of IP addresses , there is no danger of running out of addresses , even if we decide to extend this idea to Rs 100 currency notes ! Here is most important BY-PRODUCTs : * No more possibility of fake / forged / counterfeit , currency notes ! * Plastic currency notes will last 10 times longer ! This reform will enable the Central Government / Income Tax Department , to : * Continuously trace the movement of each of these higher denomination currency notes * Instantly locate any place ( using Google Map based GPS ) , where there is an aculation of more than Rs 1 Crore worth of currency notes Such aculation will be made to appear as a TAG CLOUD on the web site of IT Dept, like thousands of balloons floating on a map of India , capable of being drilled down to within 1 Sq Meter ! On each balloon , will appear a number announcing , " Amount of Cash here - Rs " ! This will vastly simplify the task of Anti Corruption Dept / Enforcement Dept etc But then such transparency might lead to break-down of social order / chaos It may be a better / safer / saner solution for such balloons / tag clouds to appear , on a secret Mobile App , available only to the officers of Enforcement Department ( ED ) You may want to call this app , " BLACK-MAIL " ! Of course , my suggestions may become outdated with the arrival of mobile wallets based CASHLESS SOCIETY , by 2030 In the meantime , should Shri Arun Jaitleyji and Shri Ravi Shankar Prasadji , want this implemented , it can be done in 6 months , at one tenth the cost of MoM ( Mars Orbital Mission ) , ie approx Rs 43 Crores All they have to do , is to tell the bureaucracy : " Since we need not depend upon Opposition parties to p a bill in Rajya Sabha , please go ahead and implement this - in less than 6 months " -------------------------------------------------------------------------------------------------- hemen parekh 06 Nov 2015 B2BmessageBlaster
      Reply

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