GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC AFFAIRS
LOK SABHA
UNSTARRED QUESTION NO.1060
TO BE ANSWERED ON 22ND JULY 2016/ 31ST ASHADHA SAKA, 1938
COUNTERFEIT CURRENCY
1060. SHRIMATI V. SATHYA BAMA :
SHRI VENKATESH BABU T.G.:
QUESTION
Will the Minister of FINANCE be pleased to state:
(a) the effective steps taken by the Government to curb the menace of counterfeit currencies;
(b) whether the Government has proposed to introduce plastic currency with advanced provisions; and
(c) if so, the details thereof along with the steps taken by the Government in this regard?
ANSWER
MINISTER OF STATE IN THE MINISTRY FOR FINANCE
(SHRI ARJUN RAM MEGHWAL)
(a) To check the menace of counterfeiting of banknotes, The Ministry of Finance, Ministry of Home Affairs, Reserve Bank of India, Security and Intelligence Agencies of the Centre and States are working in tandem to thwart the illegal activities related to Fake Indian Currency Note (FICN). An FICN Coordination Group (FCORD) has been formed in the Ministry of Home Affairs to share the intelligence/information amongst different security agencies of States/Centre to counter the menace of agencies to effect more seizures. The issue has also been raised in international multilateral fora constantly. RBI has also initiated several measures for generating public awareness, conducting training programs for employees/officers of banks and streamlining the process of reporting and detection of counterfeit notes.
Further, in order to stay ahead of the counterfeiters, Government has recently introduced revised numbering pattern in all denominations of banknotes. RBI has issued Press Release in this regard on June 25, 2015.
Government in consultation with RBI, has also initiated the process of procurement of upgraded/new security features for a new series of banknotes. RBI has issued a PQB for supply of Security Features for Indian banknotes on June 19, 2015.
(b)-(c) In order to increase the life of banknotes, Government has decided in consultation with RBI to conduct a field trial of plastic banknotes in denominations of Rs. 10 at five locations of the country. BRBNMPL has accordingly issued PQB notice in April 2016 for procurement of substrate for printing banknotes plastic substrate.
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