Security marks of banknotes may change every 3-4 yrs

Security marks of banknotes may change every 3-4 yrs

Security marks of banknotes may change every 3-4 yrs

 To check counterfeiting, the government plans to change security features of higher denomination banknotes of Rs 2,000 and Rs 500 every 3-4 years in accordance with global standards.

The move comes in the wake of recovery of a large amount of fake Indian currency notes after demonetisation. The issue was discussed at a high-level meeting recently attended by senior officials of the ministries of finance and home, including Union Home Secretary Rajiv Mehrishi.Advocating the move, the officials said most of the developed countries change security features of their currency notes every 3-4 years and therefore, it is absolutely necessary for India to follow this policy.

The change in design of Indian currency notes of higher denominations was long due. Till its demonetisation, there had been no major change in the Rs 1,000 note since its introduction in 2000.