Counterfeit money (Indian rupee notes). Fake currency detection.
Business and Finance
Counterfeit notes are a problem of almost every country but India has been hit really hard and has become a very acute problem. Fake Indian currency of 100,500 and 1,000 rupees seems to have flooded the whole system and there is no proper way to deal with them for a common person. The legal way to handle is to lodge a police complain and mention the source of the currency and then further investigations are done. The fake currency is then sent to RBI or destroyed. RBI itself has installed currency verification and processing systems in its various offices, each having a processing capacity of 50,000 to 60,000 pieces per hour.
PROBLEMS PEOPLE MAY FACE REPORTING / NOT REPORTING:
If you are found to posses fake currency notes, and you cannot explain where you got them from, you can even go to jail. Most people do not want to deal with this problem in a legal way because our law enforcement (police) and legal system (courts) are not so easy to deal with. Unlike most developed countries where a common person feels free to report even a smallest problem to the police, in India it is quite different as most people avoid contacting police because those investigations can be painfully inconvenient and especially because many people in law enforcement are not exactly honest. The legal system is even more troublesome, even a small court case in India can easily drag for months and years.
Therefore more and more people have just started to live as is. It is not possible check each and every currency note you receive in a bundle. Most people just pass it along to others, if someone objects you just give different note. Infact most people in India do not even know how to the things to check that differentiates a fake note from a real one.
Trying to pass on a currency note, knowing that is a fake, is a punishable offence under sections 120-B, 420 and 489-A, B, C & D of the Indian Penal Code. Possession of counterfeit notes too is punishable with punishment as harsh as life imprisonment.
For people travelling to India, always take money from authorized dealers and insist on a currency exchange receipt. This proves the source of your funds in India. Never fall in prey to a person who offers to give you a better exchange rate than exchange rate without receipt. Similarly convert your currency back from an authorized place only. Fake foreign currency is common in tourist areas.
HOW MUCH MONEY IN INDIA IS FAKE:
In year 2006: The Reserve Bank of India has estimated the amount of fake currency in circulation at almost 1.7 trillion rupees, the report said. I am sure it is much-much higher now.
According to TOI, around Rs 1,69,000 crore of fake money is in the system. And it's growing. The UP STF suspects that most of these notes were printed in the security press at Malir Cantonment in Karachi and three other printing presses in Pakistan.
RELATED ARTICLES I FOUND ON THE INTERNET AND SHORT SUMMARIES:
I was reading this article: http://economictimes.indiatimes.com/articleshow/msid-3109602,prtpage-1.cms
Pakistan's ISI has found a better way to destabilize the booming Indian economy. Their agents based in the Middle East are recruiting people to carry counterfeit currency to India through Colombo. The racket mainly uses the erstwhile gold carriers to smuggle fake currency. They usually send around Rs 25 lakh worth notes in one consignment. The money is mainly used in real estate business, where the circulation of black money is very high. The racket is so well-organized that they source the paper from a company in London. This is the same place from which the Indian government is also procuring the paper.
Punjab police has seized fake currency worth one million rupees from a woman who arrived here from Pakistan on Thursday. India has recently witnessed a spate of arrests connected with fake currency and more than two-dozen cases of seizing fake currency have been reported in the northern parts of the country.
And this problem is ever increasing:
see this: http://news.in.msn.com/national/article.aspx?cp- document .d=1657442
"The RBI annual report has confirmed all the fears of the security agencies on fake currency notes in the country. The report shows that the number of counterfeit notes seized during the year rose 87 per cent to 195,811 in FY08 compared to 104,743 in the previous year."
And what if the people in the financial system are themself involved in injecting fake notes.
See this: http://news.in.msn.com/national/article.aspx?cp-documentid=1613323
"Fake currency notes of the face value of over Rs one crore were recovered from SBI's Dumariyaganj branch after arrest of its cashier involved in the racket"
FAKE CURRENCY DETECTION / TESTING MACHINES - FOR SHOPKEEPERS / CONCERNED INDIVIDUALS:
http://in.news.yahoo.com/43/20080909/836/tbs-latest-craze-in-uttar-pradesh-fake-c.html (Src: Indo Asian News Service)
Fake currency testing machines can be bought from most electronics goods shops in the state for Rs.1,500 to Rs.4,000. The machines which have found the maximum takers are made by companies like Methodex System, Godrej and Klick. While the owners of showrooms and malls have installed money detector machines, their customers carry special laser torches to check fake currency. These laser torches can be bought from any electronic shop for Rs.10 to Rs.40.
Some popular Fake Rupee Detection Machines are:
1. Maxsell : See: Maxsell-india.com/fake-note-detector.htm
2. Standard Electronic Systems: See www.standardelectronicsystems.net/fake-note-detector.htm
3. GODREJ: www.godrejlifespace.com/ProdSpecs.aspx?dumCode=SECF0500&PriceType=Special&Cat=Security
4. Jay Enn India: See jayennind.com/Multi currency detector.html
5. Kores (india) Ltd.; Telephone No. 91-22-40974444
Know your Bank Note Currency - Identify fake Indian Rupees
FAKE CURRENCY DETECTION BY VISUAL APPEARANCE:
This link also gives some tips to identify a fake currency.
See this: http://businessstandard.com/india/storypage.php?autono=333909
Click to see 1000 rupee note features: Identify a real Rs 1000 note
Click to see 500 rupee note features.
Click to see 100 rupee note features.
Click to see 50 rupee note features
Some tips: How to detect a fake Indian rupee note: (Full credit to: business.rediff.com/slide-show/2009/jun/25/slide-show-1-how-to-spot-fake-notes.htm)
Optical Variable Ink: The colour of the numeral 1000 appears green when the banknote is held flat but would change to blue when the banknote is held at an angle. The font size is also reduced.
Latent Image: When the note is head horizontally, the vertical band on the right shows an image of the number 1000.
Security Thread: The note also has a three millimeter wide security thread with the inscriptions: one thousand, the word 'Bharat' in Hindi and RBI.
Micro lettering: The 'RBI' and the numeral, "1000" - which can be viewed with the help of a magnifying glass - are between the Mahatma Gandhi portrait and the vertical band.
Watermark: When the note is held against the light, the picture of Gandhi and an electrolyte mark showing the number 1000 appear in the white space.
The best way to identify a note is the silver bromide thread that runs vertically through a currency note. Fake currency notes tend to have silver-coloured band painted in place of the silver thread. A real note has a prominent thread with raised 'RBI' markings made on it in English and Hindi. Also, in a real note, the colour of the thread shifts from green to blue when viewed from different angles.
Please refer RBI Site for latest updates.
There have been instances where people claim that they received the currency from a bank or an ATM. To pay his son's school fees,this individual withdrew Rs 5,000 from his private bank's automatic teller machine. A day later, the school called him to inform that they had found four fake Rs 500 notes in the amount deposited. I had no way to prove that the money was withdrawn from the bank ATM. I also did not want to get involved in any police investigations. The notes were torn and thrown in the nearest ditch - a loss of Rs 2,000. There is no mechanism to ensure that the customer gets his money back and nor are there any guidelines or rules to protect the customer from this problem. The game is all about passing the buck. So, whoever is in possession of the fake currency, is the culprit.
Recently 345 counterfeit notes of Rs 1,000 denomination in series 2AQ and 8AC bearing the signature of former RBI Governor Dr Y V Reddy were detected by the Anti-terrorist Squad of Mumbai.
Well, then what has Indian government to stop this, all this is eating away our financial system. People who are the real culprits have their ways to inject fake currency in the system without getting caught. Even if they get caught, most of them have good contacts and will probably never get arrested or come out of the whole thing safely. For a common person like you and me, we have other things to do life and do not always have the time to check if each and every currency bill we have is authentic or not. Additionally who remembers about the source of each and every note you received. If you think paying via credit card / plastic money is the answer .. the problem is the lack of culture of plastic payments with most smaller shopkeepers.
Article Source: http://www.saching.com
About Author / Additional Info:
* Advantages of using a digital camera
* The Pros and Cons of Indian Boarding schools - Education in India.
* WHO IS A FOOL? you think you know who a fool is?, who are those the bible regards as a fool?
* Why do children Stammer
* Health benefits of lemon: Healing power of plants
Does this article violate or infringe
on your copyright ?
It is a violation of our terms for authors to submit content which
they did not write and claim it as their own. If this article infringes
on your copyrights, then use our Contact us form with the detailed proof
of infringement along with the offending article's title, URL and writer
name. If you do not hear back from us then contact us again in another
10 days. Thank you.
Comments on this article: (8 comments so far)
* Additional comments are now closed for this article *
Can some one answer this?
If Common man finds the 1000 or 500 or even 100 Rs. Note as fake.... ( a single or two notes ) will he get replacement for the same from the bank....??
If YES then he shall be ready to bring replace it with proper identification of him and from where he got that note....
If NO then why he should scacrifies 1000 / 500 / 100 Rs. Note ( this means lot to him/her )
|Caution before purchase of FNDs
Friction type intermittent roller operated, fins driven Note Counting Machines ( NCMs ) extended and converted as fake notes detectors by fixing UV/IR/Magmatic and ordinary light sensors are technically baseless and most inaccurate devices for discriminating highly sophisticated super fake notes hidden with genuine notes, as such machines depend on over all surface checking of notes which is most incompatible criterion for accurate detection and discrimination of fake notes that have been incorporated with identical overall features of genuine notes. These kinds of converted FNDs can not pip into the thinnest marginal differences of security features in both categories of notes, although are useful for discriminating poorly fabricated notes which otherwise can be easily detected at a glance or touch feel verifications.
|Note Sorting Machine V/S Desk Top Fake Note Detect
The basic difference between Note Sorting Machine & Desk Top Fake Note Detector/Sorter seems to have not been understood by the majority of Indian Banks as most of the banks presume NSM as the panacea of all remedies against problem of infiltration of Fake Notes in banking channel and have been repeating the very same mistakes by issuing tenders for procurement of NSM for intricate operation of detection of fake notes at cash desks while receiving deposits on counters from the public at large.
Note Sorting machines basically have been designed for currency sorting processes on the basis of set criterion like designs, quality, orientations, faces, series, fitness etc but have not been designed aptly & exhaustively for accurate fake note detection and hence NSM can not be used as a perfect substitute of Desk Top Fake Note Detector/Sorters which are exclusively designed for the specialized process of detection of Fake Notes offering other ancillary functions useful at cash desks or at ATM centers.
|C E O
The kind of machines Indian Banks at cash counters needed are the machine which can verify not only the images but also can check the chemical and physical properties of papers, inks, resins and other materials used in production of note. The machine should be capable of not allowing any fake note to pass as genuine. It is possible only with the detectors specially developed considering the large number of intricacies concerning to Indian notes. A multi currency super fake note detector/ Currency verification & processing Systems is recently launched by an Indian company paradigmcashsystems.It is suggested therefore that all the concerned authorities form RBI, Government of India, Banks investigative agencies etc should invariably go through the crucial informations provided in the web site. It could help in curtailing the menace of fake notes prevalent in our country.
Paradigm EXC 6700-I is exclusively developed for validity verification of Indian currency notes –ICNs & detection of Fake Indian Currency Notes-FICNs mixed/hidden with packets of genuine notes.
U have done a good job
Thanks for a detailed information on this.
good collection of information.
|Excellent and very useful article
Great job ..
Article Views: 96176
Copyright © 2010 saching.com - Do not copy articles from this website.
Important Disclaimer: All articles on this website are for general information only and is not a professional or experts advice. We do not own any responsibility for correctness or authenticity of the information
presented in this article, or any loss or injury resulting from it. We do not endorse these articles, we are neither affiliated with the authors of these articles nor responsible for their content. Please see
our disclaimer section for complete terms.