NEWS & ADVICE : CAR LOANS
Banks getting better at fake note identification
By Vaibhav Aggarwal
Aug 26, 2011
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The fiscal last ended has seen a pretty higher rate at which fake currency notes of various denominations getting detected as compared to the fiscal prior to that.

There were as many as 435,607 fake notes identified last fiscal as compared to 401,476 in the previous year. The main reason behind this rise has been increased usage of Note Sorting Machines (NSMs).

Banks have so far installed as many as 4091 NSMs across various branches as on April 2011.

In a bid to put rapid and effective check on fake notes, the government has decided to set up one nodal police station in every district which would cater primarily to registration of cases of fake notes.

Also the move to introduce plastic/polymer currency notes by RBI is heavily on drive.


 


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