RBI concerned over the counterfeit currency
By Vaibhav Aggarwal
Apr 24, 2014
Print    Email    RSS   

It has been reported that Reserve bank of India is quite concerned regarding the fake currencies. RBI has warned the vendors that it would have to go in for higher indigenization, if they will not follow KYC norms. It has been also reported that the currency papers and security ink produced by the international suppliers are falling in wrong hands that is leading to the increase in production of fake currencies.

With the help of the fine quality resources the counterfeiters are able to generate good quality of fake currency. So it is necessary to find out from where they are getting the resources and what is the role of vendors in perpetration of these illegal activities.

RBI stated that they need vendors help to find out who has supplied the resources. Finding a long-term solution to this menace may also require close cross-border cooperation between various countries. Deputy Governor of the RBI said that he wanted manufactures, vendors of the banknote industry to come up with ideas on not only reducing the cost of paper, ink, and machines, but also for enhancing the durability of the banknotes through technological innovations.

(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Personal loans in India: Features and...
Glittering Ways of Investing in Gold
Consolidation good for creating healthier...
Credit profile and its effect on loan...
How to decide on a loan for business?

What is the outstanding Amount for my personal loan
ho many month balance in My Personal loan
i need my personal loan track statement

LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive