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New security features and numbering system to be added in currency notes

News Agencies | Updated on: 13 February 2017, 4:13 IST

To control the problem of fake currency notes, the Bhartiya Reserve Bank Note Mudran Pvt Limited (BRBNMPL) and Security Printing and Minting Corporation of India Limited (SPMCIL) have decided to add a new numbering system in all currency notes.

Also, seven new security features will be incorporated, especially in high denomination Rs 1,000 and Rs 500 notes.

Initially, it will be made part of Rs 1,000 and Rs 500 currency notes and, by May next year, currencies of all other denominations will have this feature, they said.

Besides, the government has approved seven new security features, details of which are not yet known, in the bank notes, the sources said.

The Reserve Bank of India 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. They 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 have been seized. National Investigation Agency (NIA) has been made the nodal agency for FICN cases as the government treats this menace 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 the economic terror.

The flow of fake notes is no longer limited to smuggling from the border areas of Pakistan, Bangladesh and Nepal but 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, the sources said.

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

-PTI

First published: 6 September 2015, 12:52 IST
 
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