Tuesday, February 12, 2013

Banks told to install note sorting machines

Banks told to install note sorting machines

LUCKNOW: The Reserve Bank of India (RBI) has directed nationalised and cooperative banks in the state to install note sorting machines for detection of counterfeit currency notes and preventing their re-issue.
"RBI had given direction to this effect in 2009. But many banks are yet to implement it. We have stressed on it again and banks have been told to install the note sorting machines at the earliest," Alpana, head of communications, RBI, told reporters on Friday. A note sorting machine identifies the notes that are suspected to be fake. She, however, did not state if any deadline has been fixed for the installation of machines.
Counterfeit currency poses a major challenge to the RBI. In 2009, the number of fake pieces were 4,01,476 as compared to 4,35,607 pieces in 2010, an increase of 34,131 fake pieces. The circulation of fake currency has increased in Uttar Pradesh. RBI statistics show that in 2011-2012, out of 60 crore pieces, seven fake pieces were each in Rs 10 and 20 notes, 798 pieces in Rs 50 notes, 1656 pieces in Rs 100 notes where as 451 pieces were in Rs 500 note and 92 pieces in Rs 1000 notes.
In another public interest initiative, the RBI has come up with a procedure to help businessmen who need 'change' for their financial transactions. "The association head is required to inform RBI about the amount of change needed and after receiving the money he distributes it to the retailers," added Alpana.

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