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RBI to identify fake notes to reach real figure of demonetised currency

The central bank is currently engaged in counting huge piles of old Rs 500/1000 notes which were scrapped following demonetisation on November 9, 2016.

Mail Today Bureau   New Delhi     Last Updated: July 24, 2017  | 12:53 IST
RBI to identify fake notes to reach real figure of demonetized currency

The Reserve Bank plans to hire 12 currency verification systems for six months to help it detect fake notes amongst the scrapped currency of 500 and 1000 rupee denomination that was deposited during the demonetisation period.

The central bank is currently engaged in counting huge piles of old Rs 500/1000 notes which were scrapped following demonetisation on November 9, 2016.

The RBI has floated a tender floated to lease the systems. According to the tender document, the currency notes of all denominations received at regional office of the RBI would have to be processed at a minimum speed of 30 notes per second.

The term of the lease contract will be of six months, extendable by three blocks of two months each, the tender states.
A senior official said it is suspected that the amount of high-value currency deposited with banks during demonetization could have been bloated with fake notes.

It is important to get an estimate on this in order to arrive at the real figure of genuine currency that has been deposited, he added. Earlier in May, the Reserve Bank had floated a global tender for leasing of 18 'Currency Verification and Processing System (CVPS)'.

However, this was scrapped. RBI Governor Urjit Patel, while appearing before a Parliamentary committee on July 12, is reported to have said the deposited banned notes were still being counted and therefore he was not in a position to give a figure on the scrapped currency that was back in the system.

Patel did not provide any specific number on the amount of money that had been deposited post-demonetisation

 

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