District level committees to deal with fake currency notes

Thu 15th Oct 2009 11:07 AM
District level committees to  deal with fake currency notes
District level committees to deal with fake currency notes
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The state government has proposed a series of measures to tackle the menace of fake Indian currency notes.The Home Ministry has given its nod for appointing committees at district level under the leadership of District Collectors and Superintendent of Polices to deal with the issue.A high-level group on 'systems and procedures for currency distribution', headed by Superintendent of Polices  would recommend to the central bank to constantly review and adopt modern technology in creating new security features in currency notes. The teams would be monitored by Additional Director General of Police.

The group said the public should be made aware of the upgraded security features on the currency notes, which will enable them to detect fake notes from the genuine.It also proposed that all new ATMs should have an in-built Fake Currency checking mechanism, and over a period, all existing ATMs should also have the new mechanism.The group recommended that all bank branches should install note sorting machines or desktop sorters, which will help the bank in detecting Fake Currency before it enters the banking system.In the first phase,  all bank branches having an average daily cash receipt of Rs 1 crore or above, should install the note sorting machines and bank branches with average daily cash receipt of more than Rs 50 lakh, by March 2011.

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Tags:   FAKE CURRENCY 6