India's central Bank sets up New Website to Filter out Fake Currency Notes
by
Adil Siddiqui
The Reserve Bank of India has had a tough 12 months as the worlds 11th largest economy has had its currency weaken by 12% hitting new high never seen before. The export economy is driven by India trading with America and Europe and the dramatic weakening of the currency has had a major impact on the economy. A new initiative by the RBI aims to educate the general public about a differentiating against counterfeit currency notes.
This new plague in the world of FX costs the economy millions of USD per year as the streets of India are filled with illegal money.
The INR is currently trading at 85.83against British Pound Sterling and 68.07 against the Euro.
Seeking to spread awareness among the public about fake notes, the Reserve Bank of India has launched a website explaining ways to detect counterfeit notes. With a tagline 'Pehchano Paise Ki Boli, Kyunki Paisa Bolta Hai' translated 'Recognise the language of money, because money talks' as the website www.paisaboltahai.rbi.org.in.
The site gives visual presentation with pointers on currency notes of 10, 20, 50, 100, 500 and 1,000 rupee denominations. Consumers have the option to download posters of these currency notes, which can be used as reference to identify counterfeit notes.
A documentary film on it can also be downloaded. RBI said considering there were 64,577 million pieces of banknotes in circulation as on March 31, 2011, the detection of forged notes during 2010-11 was to the tune of 6.74 pieces per million pieces of banknotes in circulation. In the past as well, the Reserve Bank has come out with various notifications warning against circulation of counterfeit currency notes. Referring to the fake currency notes in circulation, RBI Governor D Subbarao said in Kozhikode on Friday that the government and police are taking several measures to deal with the menace.
The RBI's worry doesn't stop here, with a rise in margin FX related crimes and complaints the RBI has been clamping down on foreign Forex brokers offering spot FX to Indian residents.
The Reserve Bank of India has had a tough 12 months as the worlds 11th largest economy has had its currency weaken by 12% hitting new high never seen before. The export economy is driven by India trading with America and Europe and the dramatic weakening of the currency has had a major impact on the economy. A new initiative by the RBI aims to educate the general public about a differentiating against counterfeit currency notes.
This new plague in the world of FX costs the economy millions of USD per year as the streets of India are filled with illegal money.
The INR is currently trading at 85.83against British Pound Sterling and 68.07 against the Euro.
Seeking to spread awareness among the public about fake notes, the Reserve Bank of India has launched a website explaining ways to detect counterfeit notes. With a tagline 'Pehchano Paise Ki Boli, Kyunki Paisa Bolta Hai' translated 'Recognise the language of money, because money talks' as the website www.paisaboltahai.rbi.org.in.
The site gives visual presentation with pointers on currency notes of 10, 20, 50, 100, 500 and 1,000 rupee denominations. Consumers have the option to download posters of these currency notes, which can be used as reference to identify counterfeit notes.
A documentary film on it can also be downloaded. RBI said considering there were 64,577 million pieces of banknotes in circulation as on March 31, 2011, the detection of forged notes during 2010-11 was to the tune of 6.74 pieces per million pieces of banknotes in circulation. In the past as well, the Reserve Bank has come out with various notifications warning against circulation of counterfeit currency notes. Referring to the fake currency notes in circulation, RBI Governor D Subbarao said in Kozhikode on Friday that the government and police are taking several measures to deal with the menace.
The RBI's worry doesn't stop here, with a rise in margin FX related crimes and complaints the RBI has been clamping down on foreign Forex brokers offering spot FX to Indian residents.
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Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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