Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 148]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 181]
LATEST NEWS UPDATES | Counterfeiting of new notes worries agencies

Counterfeiting of new notes worries agencies

Share this article Share this article
published Published on Apr 3, 2017   modified Modified on Apr 3, 2017
-The Hindu

Officials want security features changed every 3-4 years

That the new Rs. 2,000 and Rs. 500 notes have the same security features as the old Rs. 500 and Rs. 1,000 ones has the security agencies worried.

At a high-level meeting last week to discuss the presence of fake currency notes, officials at North Block were informed that the “covert security features” had not been changed since 2005.

The Hindu had reported on November 11, 2016, that the security features were changed last in 2005 when notes of all denominations with new security features were introduced.

Water marks, security thread, fibre and latent image comprise the security features and these require several representations, evaluation and a Cabinet nod.

An official had said then that since the decision to introduce the new notes was taken only around May 2016, there was no time to alter the security features as the entire exercise takes between five and six years.

Officials have suggested now that to check counterfeiting, the security features of higher denomination notes, such as Rs. 2,000 and Rs. 500, should be changed every 3-4 years in accordance with global standards.

In the four months since the government announced its decision to scrap the old Rs. 500 and Rs. 1,000 notes on November 8, 2016, fake Rs. 2,000 notes with a face value of over Rs. 66 lakh have been detected by the Reserve Bank of India and the State police forces across the country.

Investigations under way

The government informed the Lok Sabha that investigations were on to determine whether the security features of the new notes had been compromised.

On November 8, 2016, Prime Minister Narendra Modi announced that the old notes were being scrapped and new Rs. 2,000 ones were being introduced as part of the government’s efforts to weed out black money and fake currency, which would eventually eradicate corruption and terror funding.

As per the Home Ministry’s reply in the Lok Sabha, from November 9, 2016, to March 7 this year, 3,346 pieces of fake Rs. 2,000 notes had been recovered.

The issue was discussed threadbare at a high-level meeting on Thursday, which was attended by senior officials of the Ministries of Finance and Home, including Union Home Secretary Rajiv Mehrishi.

Home Ministry officials said most developed countries change the security features of their currency notes every 3-4 years.

Therefore, it is absolutely necessary for India to follow this policy.

The change in design of Indian currency notes of higher denominations was overdue.

“The newly introduced notes have no additional security features and were similar to those in the old Rs. 1,000 and Rs. 500 notes. Though the fake notes recovered so far have all been photocopies and of poor quality, it is not impossible for the enemy country to replicate them,” a senior official who was present in the meeting said.

Please click here to read more.

The Hindu, 3 April, 2017, http://www.thehindu.com/news/national/counterfeiting-of-new-notes-worries-agencies/article17764449.ece?homepage=true


Related Articles

 

Write Comments

Your email address will not be published. Required fields are marked *

*

Video Archives

Archives

share on Facebook
Twitter
RSS
Feedback
Read Later

Contact Form

Please enter security code
      Close