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India: plans to modify the 500 and 1000 Rupees

New numbering system and seven new security features will be incorporated in all currency notes, especially in high denomination 500 and 1000 Rupees, in order to check the menace of Fake Indian Currency Notes.

 

The Bhartiya Reserve Bank Note Mudran Pvt Limited and Security Printing and Minting Corporation of India Limited have initiated steps for introduction of the revised number pattern, official sources said.

 

Initially, it will be made part of Rs 500 and Rs 1000 currency notes and, by May next year, currencies of all other denominations will have this feature.

 

The Reserve Bank of India has also asked the banks to stamp fake notes detected over the counter as "COUNTERFEIT NOTE" and impound them immediately. Banks found not following the procedure will be penalised. They have also been instructed to issue a receipt for counterfeit notes to the tenderer of the FICN, they said.

 

As per the estimates, fake Indian currency notes of face value of Rs 30 crore have been seized. National Investigation Agency has been made the nodal agency for FICN cases as the government treats this menace as "economic terrorism".