After the ATM security breach comes the fake currency threat.
Worried over circulation of fake currency notes of Rs 500 and Rs 1,000 denomination, the RBI on Wednesday advised the public to make it a habit to examine the notes before accepting them in the usual course of transactions.
"It has come to our notice that unscrupulous elements are putting into circulation Fake Indian Currency Notes of higher denominations in the course of normal transactions, taking advantage of the gullible and unsuspecting nature of some members of the public," the RBI said.
The central bank has cautioned the public to subject notes that are accepted to "careful scrutiny".
"Members of public are requested to make it a habit of looking at the notes before accepting them in the usual course of daily transactions and help arrest the counterfeiting of Indian banknotes," the RBI said.
Counterfeiting of notes, or possession, exchange, acceptance, putting into circulation of counterfeit notes or in any way abetting such actions are offences under the Indian Penal Code and such actions are liable to be punished stringently.
Large-scale circulation of fake currencies can impact the economy negatively.
Stepping up its efforts to stem the spread of counterfeit notes, the central bank has also asked banks to put entire banking areas under CCTV surveillance and keep all the recordings that can help identify "unscrupulous elements".
The central bank further said that failure of banks in detection and impounding of counterfeit notes and in preventing such currencies from being recirculated will be violative of the directions and "will, therefore, attract penal action".
The RBI has said genuine Indian currency notes of higher denominations have strong counterfeit resistant security features. The fake notes can be identified on closer inspection.
The RBI site has the detailed information on the security features on the banknotes.
For readers' convenience, we have compiled the details below:
See through Register: The floral design printed both on the front and reverse in the middle of the vertical brand next to the watermark window has the denominational numeral 100, 500, 1000.
Half the numeral is printed on the front and half on the reverse. Both the printed portions have an accurate back to back registration so that the numeral appears as one when viewed against light.
The floral design printed both on the front (hollow) and reverse (filled up) in the middle of the vertical band next to the watermark window has the denominational number `100’. Half the numeral is printed on the front of the note and half from the reverse. Both the printed portions have an accurate back to back registration so that the numeral appears as one when viewed against light.
Identification Mark: Diamond with intaglio print, which can be felt by touch, helps the visually impaired to identify the denomination
Watermark: The portrait of Mahatama Gandhi, the multi-directional lines and an electrotype mark showing the denominational numeral 100, 1000 appear in this section and these can be viewed better when the banknote is held against the light.
Optically variable ink: The colour of the numeral 1000 appears green when the banknote is held flat but would change to blue when the banknote is held at an angle. The font size is reduced.
Intaglio printing: The portrait of Mahatma Gandhi, the Reserve Bank seal, guarantee and promise clause, Ashoka Pillar emblem on the left, RBI Governor’s signatures on the bank notes and identification mark for the visually impaired in the Intaglio, which can be felt by touch.
Latent image: The vertical band contains latent image showing the numeral 1000, when the banknote is held horizontally at eye-level.
Microlettering: The letters 'RBI' and the numeral '1000', 100 can be viewed with the help of a magnifying glass in the zone between the Mahatma Gandhi portrait and the vertical band.
Security Thread: 3 mm wide security thread with inscriptions ‘Bharat’ writted in devanagri, '1000' and 'RBI' and colour shift from green to blue when viewed from different angles. It will fluoresce in yellow on the reverse and the text and fluoresce on the obverse under ultraviolet light. The thread is visible as a continuous line from behind when held up against light.
Look for the following on the reverse side of the note: The year of printing appears on the reverse of the banknote. The new series of Rs 1000 banknote has paper with increased grammage and caliper thickness.
Colour: The overall colour scheme on the reverse is altered and will appear red in overall appearance with the language panel, numeral 1000 and Bharatiya Reserve Bank in brown colour.
Published Date: Oct 28, 2016 08:01 am | Updated Date: Oct 28, 2016 08:22 am