| Directorate of Currency set up in Ministry of Finance to Monitor and Review Efficacy of Existing Security features in Currency Notes | |
| 17:17 IST | |
The Directorate of Currency has been set up in the Ministry of Finance as a permanent body to monitor and review the efficacy of the existing security features in the currency notes, study best practices prevailing in other countries, drive and fund research and Development (R&D) on continuous basis and act as a clearing house on research on the subject. Setting up of the Directorate will result in development of indigenous security features for bank notes apart from faster indigenization of other inputs and continuous R&D in related field. The steps taken by the Government to curb circulation of FICN in the country include stepping up of vigilance by the Border Security Force and Custom authorities to prevent smuggling of fake notes; dissemination of information on security features through print and electronic media and formation of Gorged Note Vigilance Cells in all the Head Offices of the banks. Additional security features have also been incorporate in the bank notes in 2005 to make counterfeiting very difficult. To strengthen the security of bank notes further, incorporation of latest security features is underway. A high Level Committee headed by the Union Home Secretary comprising officials from central agencies and other senior police officials has been constituted to monitor and draw a comprehensive strategy to combat FICN. Similar bodies have also been set up in the States. In addition, Government of India have nominated the Central Bureau of Investigation as the Nodal Agency to monitor investigation of fake currency note cases. The RBI has also strengthened the mechanism for detection of counterfeit notes by the Banks. This information was given by the Minister of State for Finance, Shri Namo NarainMeena in written reply to an Unstarred Question in Rajya Sabha today. DSM/PLS/S-262/10 |
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