Sunday 17 November 2019
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business-standard - 1 month ago

Parliamentary panel discusses problem of counterfeit notes

A parliamentary panel on Wednesday discussed steps taken by the government to prevent circulation of high-value counterfeit notes. The Committee on Subordinate Legislation, headed by Congress member T Subbarami Reddy, called senior government officials, managing directors of few public sector banks and top officials of Central Bureau of Investigation (CBI) and Intelligence Bureau (IB) to brief on circulation of counterfeit currency in India, sources said. The committee expressed concern over counterfeiting of high denomination currency notes of Rs 500 and Rs 2,000. The panel wanted to know how unscrupulous elements are able to copy high security features, sources said. As per RBI s latest annual report, counterfeit notes in the new design of Rs 500, introduced in 2016, increased 121 per cent during 2018-19 as against previous fiscal, while it rose by 21.9 per cent for Rs 2,000 notes. The notes of Rs 200 denomination, which were introduced in August 2017, witnessed detection of 12,728 .

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