RBI gears up for fake-currency awareness drive

CHENNAI: Two weeks after three labourers from West Bengal were arrested for circulating counterfeit currency, officials of the Reserve Bank of India on Friday announced that they would visit Kovilambakkam panchayat in Pallikaranai on Monday to conduct an awareness drive on fake notes for the benefit of the residents.The arrest of the trio had triggered fear among the residents that counterfeit notes could be in circulation in their area. After they approached the local police in this regard, the RBI stepped in and offered to conduct an awareness drive.RBI officials said that apart from the pamphlets and posters in English and Tamil, they were also printing them in Hindi for the benefit of a large number of North Indian labourers staying there.“We are getting them printed in Hindi. The panchayat is trying to bring the residents and traders to the programme by distributing these handouts.We will explain to the people how to differentiate between genuine and counterfeit notes,” said an RBI official.Apart from the residents, over 200 traders are expected to take part in the programme that would take place at the panchayat union office.According to sources, most of the counterfeit currency comes from Pakistan. The suspected hand of the Inter-Services Intelligence (ISI) behind the fake currency racket could explain the high quality of the fake notes, sources added. Further, it is suspected that high-end equipment used to manufacture genuine currency could have been used to make the fake ones. Fake currency is manufactured in denominations of Rs 500 and Rs 1,000 as they fetch high profits for those involved.“They have stopped making fake Rs 100 notes as it is no more profitable and Rs 500 is the most-printed denomination,” the sources said. There are five basic features that could help a common man identify a genuine note, including the ‘Optically Variable Ink (OVI),’ the officials said.“The words ‘Reserve Bank of India’ that appears on the notes are made with the help of intaglio printing, meaning raised level printing, which is a superior technology that only a few countries have. This feature cannot be replicated on a fake note.” “Similarly, the security thread on a Rs 500 note also contains shifting colours now, after it was reviewed and updated in 2005. The earlier notes had silver threads. The review and update is done constantly by a committee to keep ourselves a step ahead of the fake currency technology,” an official explained.The ‘cotton rag’ used to print Indian currency, which is manufactured abroad, is also a unique feature. A paper-making unit has been opened in Mysore this year to make the RBI self-sufficient, the officials added.