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  1. Methodex Systems targeting Rs 300 crore turnover, takes fake currency menace head on!

Methodex Systems targeting Rs 300 crore turnover, takes fake currency menace head on!

Methodex Systems Limited, a leading diversified solutions company for banks, offices and commercial establishment...

By: | Chandigarh | Published: January 13, 2015 7:16 PM

Methodex Systems Limited, a leading diversified solutions company for banks, offices and commercial establishments, having offices in 75 cities in India is targeting a turnover of Rs 300 crores in 2014-15.

Bullish on a wide range of physical security products, fire resistant equipment, currency handling machines, office furniture, turnkey interiors, school furniture and presentation and training devices, Methodex aims to be a Rs 1000 plus crore Company by the year 2020. In 2013-14, the Company had a turnover of close to Rs 250 crores.

Priytosh Wali, CEO, Methodex Systems Limited told here today that the Company which came into existence in 1960 has progressed from a security products manufacturer to a complete solution provider for banks, government institutions, educational verticals and commercial establishments while servicing its customer for being One Stop solution from concept to completion from its four sub brands – Bison, IQ, Kaavin and Hive.

Wali said that the Methodex Systems has decided to take fake currency menace head on. Quoting from the most recent working paper series commissioned by the Reserve Bank of India (“Estimation of Counterfeit Currency Notes in India – Alternative Methodologies”- March 2013), he said that the number of counterfeit notes in the larger denominations (Rs. 100, Rs. 500 & Rs. 1,000) is growing at a rate of 27% year on year! During the interaction in Methodex business meet with senior delegates from various Banks, Educational Institutes and other commercial establishments, Priytosh Wali, detailed on how the threat of counterfeits is rampant in India.

Wali detailed during live interactions as how Methodex Systems is helping RBI to counter this threat of counterfeit currency by providing world class, and state of the art machines for the detection of these counterfeits. Right from single pocket ‘counter top’ authenticators to fully integrated and automated currency processing centres, Methodex products and services support RBI and the banks to control counterfeit currency.

Vikas Mehta, Zonal Manager, Methodex Systems Limited added that north is a focus area for the Company in view of its vibrant economy.

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