NEWS & ADVICE : PERSONAL LOAN
Gov directs banks to take steps against fake currency circulation
By Vaibhav Aggarwal
Jul 23, 2009
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The Minister of State for Finance, Shri Namo Narain Meena said that the government along with the Reserve Bank of India is taking necessary steps to curb the circulation of forged currency notes in the system.

The notice came after an ATM machine installed in the Parliament house complex dispensed fake currency note of Rs 500 denomination.

In wake of the increasing number of cases of counterfeit currency, the government has issued directive for banks, asking banks to disburse only the ‘sorted and genuine notes' over their cash counters and through their ATMs.

Banks have been also directed to install note sorting machines both at -branches maintaining currency chest and 210 non-chest branches, to detect counterfeit notes at the entry level itself.

The Government has also asked banks to set up a forged note verification cells at their respective head offices. Banks have been also instructed to confiscate any forged notes when found and lodge FIR accordingly.

The Reserve Bank of India has also been also taking multiple steps to curb circulation of counterfeit currency in the system. Recently, the regulator conducted training programs for bank employees and other organizations which handle large cash on routine basis.

The regulator has been also working to create mass awareness about currency security features via its website and posters displays at bank branches.

The regulator has also launched a drive to counteract circulation of counterfeit currency in the system, with Surat police.

The bank has also rolled out a film showing security features of genuine banknotes. The film has been released in theatres and also exhibited at various other public places.

The State Bank of India (SBI) set up first of its kind Currency Administration Branch (CAB) in Lucknow to monitor currency in system circulation.

 


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