Govt to Strengthen Security Features of Currency Notes


Hoshangabad (Madhya Pradesh): To address the menace of counterfeit notes, the government plans to strengthen the security features of the Indian currency and will increase the risk factors for carriers of fake notes. "India is a victim of injection of fake currency in our economy. There are indications that fake currency is being injected from some of our neighbouring countries either as a source or as a route," Finance Minister Pranab Mukherjee said today. He was speaking at foundation stone laying ceremony of Bank Note Line at Security Paper Mill (SPM) here. At the same time, he said, the government is ensuring that the enforcement mechanism acts as deterrence to those who are involved in the circulation of fake currency. The efforts have been to increase the risk factors for carriers of fake currency in India, the minister said. "The effort of the government is to make security features of Indian currency so strong that it becomes highly difficult to fake," Mukherjee added. A committee of officials from Department Economic Affairs, Reserve Bank, Bhartiya Reserve Bank Note Mudran, Security Printing and Minting Corp and security agencies has been constituted for short listing of security features through global competitive bidding. Besides, a separate committee of RBI is finalizing the new design of the next series of the Indian Bank Note. "It is expected that this two-prong strategy of the government to fight the menace of fake currency in India will yield substantial results in years to come," he said.
Source: PTI