High Level RBI Group suggests Steps to check Menace of Fake Notes - RBI - Reserve Bank of India
High Level RBI Group suggests Steps to check Menace of Fake Notes
The sharp increase in the number of physical notes in circulation as also the increase in the number of cases of fake notes detected/seized in recent period, have clearly underscored the need for increased vigil by all stakeholders to address the menace of fake notes. From the Reserve Bank of India’s side, the priority has been to ensure that fake notes are promptly detected as soon as they enter into the banking channel. It is equally important to ensure that ATMs and other outlets for currency distribution dispense clean and good notes. At the same time, the security features have to be constantly upgraded, public have to be educated on how to detect a fake note, technology needs to be used in greater measure to improve the integrity and efficiency of the currency operations, information on detection has to be shared promptly with enforcement agencies, security systems for cash storage and handling at banks strengthened further and note sorting machines installed at all bank branches and other locations. This is the thrust of the recommendations of a high level group set up by the Reserve Bank of India on currency distribution. The High Level Group on Systems and Procedures for Currency Distribution, headed by Smt. Usha Thorat, Deputy Governor, Reserve Bank of India, was set up in August 2008. Other members of the Group are Shri T.V. Mohandas Pai, Director (HR), Infosys Ltd., Shri S.I.S Ahmed, IPS (Retd.) former Director General CRPF & CISF, Dr. K. Ramakrishnan, CEO, IBA, Shri K. Sitaramam, DMD, SBI, Smt. Madhabi Buch, ED, ICICI Bank Ltd.; Shri V.K. Sharma, ED, RBI and Shri C. Krishnan, ED, RBI being permanent invitees and Shri U.S. Paliwal, CGM, DCM, RBI being Member Secretary.
Press Release : 2009-2010/232 |