Govt seeks global expertise to check currency counterfeiting

The Finance Ministry has invited request for information (RFI) from firms to offer security features or technology for future series of bank notes. It said the interested firms will have to submit their bids by October 13 and those shortlisted would have to make a detailed presentation before a government committee.

"The process for acquisition of security features and/or associated technology in the future series of Indian bank notes shall be done through Global Request for Qualification (RFQ) tender and the shortlisted firms who have been security cleared shall be issued Request for Proposal (RFP) documents," the ministry said in a circular.

To combat the menace of currency counterfeiting, the government has set up a Directorate of Currency, which will monitor and review the efficacy of the existing security features in currency notes and study the best practices prevailing in other countries. Incorporation of the latest security features is underway to strengthen the security of bank notes further, Minister of State for Finance Namo Narain Meena had informed the Parliament in the monsoon session.

A high-level committee headed by the Union Home Secretary and comprising officials from central agencies and the police has been constituted to monitor and draw up a comprehensive strategy to combat fake currency, he said. The government has also nominated the Central Bureau of Investigation as the nodal agency to monitor investigation of fake currency note cases.