Tackling the menace of Fake Notes

As we hear from the media the MENACE OF FAKE NOTES being circulated alongside the real currency notes,RBI has released the final report of High Level RBI Group suggested steps to check the menace of Fake Notes on 12th August 2009.The copy of the press note can be accessed at this link:

http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21174

RBI has initiated several steps to curb this menace - the latest being the promotion of use of Cards and Electronic means of payment and installation of Note Detectors at places where large volume of cash transactions are conducted.

Further, RBI may disincentivise the use of Cash as it has to be recognised that processing of cash involves Cost that has to be recovered. the complete report can be accessed at this link:

http://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=554