RBI’s Move to Curb Fake Currency Notes
The Reserve Bank of India (RBI) said it is improving security features and has asked banks to deploy detectors and note-sorting machines at branches and ATMs as part of its move to curb FAKE currency notes.
According to Usha Thorat, RBI Deputy Governor who currently heads the ‘High Level Group on Systems and Procedures for Currency Distribution’ that was set up in August last year , RBI is constantly improving the security features and asking banks to deploy note-sorting machines at every important branch where there is huge cash flow.
The central bank has asked banks to migrate to cassette swapping system so that currency notes are put in ATMs in a highly secured manner. “ATMs can also be installed with note detectors using a more sophisticated way of stuffing ATMs, so that there is no chance of notes going out through ATMs,” the Deputy Governor said after RBI announced its mid-yearly monetary policy
The Reserve Bank has also asked banks to waive off the requirement of filing a First Information Report (FIR) by banks and individuals in case less than five fake currency notes are detected, she said. The apex bank said it has found just eight fake notes for every million in circulation and I hope we can expect more results like this from various banks.
Click here to read the press release by RBI to know more about this.
Written by admin on October 30th, 2009 with 2 comments.
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