Towards further strengthening the measures to combat the menace of fake notes, the group recommended, installation of note sorting machines at all bank branches in a phased manner and banks giving a roadmap to the RBI to achieve this, switching over to ‘cassette swapping system’ so that replenishment of currency notes in ATMs is done in a highly secured manner and waiving the current requirement of filing an FIR by banks in case one gets possession of a few fake currency notes.
RBI also placed on its website the report of the High Level Group, which was set up in August 2008 and headed by RBI Deputy Governor Usha Thorat.
RBI priority
The thrust of the recommendations of a high level group set up by RBI on currency distribution envisages that the sharp increase in the number of physical notes in circulation as also the increase in the number of cases of fake notes detected/seized in recent period, have clearly underscored the need for increased vigil by all stakeholders to address the menace of fake notes.
From RBI’s side, the priority has been to ensure that fake notes are promptly detected as soon as they enter into the banking channel. It is equally important to ensure that ATMs and other outlets for currency distribution dispense clean and good notes.
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