NEWS & ADVICE : PERSONAL LOAN
RBI initiatives to curb infiltration of fake currency
By Vaibhav Aggarwal
Aug 11, 2009
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The financial regulator, Reserve Bank of India has taken steps to check the increasing flow of fake Indian currency from the country's border.

K.C. Chakraborty, deputy governor, RBI, said, "the central bank had initiated steps to work with various agencies to check the inflow of fake currency notes to the Northeast and rest of India from across the country's borders."

"We are committed to thwart the attempt of external elements in pumping fake Indian currency with the help of our security agencies, intelligence and law and order agencies," he added.

Chakraborty also urged the citizens to file FIR if they come across fake currency note in the distribution system.

The regulator has also launched a nationwide awareness program to help the masses understand the currency system and the menace posed by introduction of fake currency in the system.

The central bank will improve the quality of the banknotes to avert the menace associated with the circulation of fake currency in the system, the Chakraborty assured.

According to RBI estimate, Aug 4, 2009 the number of forged notes detected in circulation in India has varied from three to six notes per million since 2000-01 to 2007-09.

 


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