Fake Notes Circulation in India – lowest in World?
Whenever you get a Rs. 500 or Rs 1000 note, chances are bright that the security thread is not bright and the note may be fake – there are so many fake notes in circulation.
The high level group set up by the Reserve Bank of India on currency distribution headed by Ms. Usha Thorat , Deputy Governor, Reserve Bank of India has recommended
1. ensure that ATMs and other outlets for currency distribution dispense clean and good notes.
2. the security features have to be constantly upgraded,
3. public have to be educated on how to detect a fake note,
4. technology needs to be used in greater measure to improve the integrity and efficiency of the currency operations,
5. information on detection has to be shared promptly with enforcement agencies,
6. security systems for cash storage and handling at banks strengthened further and
7. note sorting machines installed at all bank branches and other locations.
The Group noted that the number of fake notes in India is estimated at 3 to 6 pieces per million, and this is one of the lowest in the world.