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  Business   Economy  03 Apr 2017  Agencies demand robust security features on notes

Agencies demand robust security features on notes

THE ASIAN AGE
Published : Apr 3, 2017, 5:35 pm IST
Updated : Apr 3, 2017, 6:04 pm IST

These bodies express their concern as these 'old' features were first introduced on notes in 2005.

New legal tender of Rs 2,000 denomination.
 New legal tender of Rs 2,000 denomination.

Mumbai: After introducing new Rs 2,000 and Rs 500 currency notes, the government now wants to bring in new security features in place of old ones that were first introduced in 2005.

Agencies met last week to take up the issue and raised their concern about these ‘covert security features’ that have not been changed since 2005, according to a report in The Hindu.

 

These features include water marks, security thread, fibre and latent image which have remained the same for the new Rs 2,000 and Rs 500 notes as well, according to the report.

The government in tandem with the Reserve Bank of India has introduced over Rs 10 lakh crore worth of new currency notes since high value notes were banned in November last year.

A total currency notes in circulation in old denominations worth Rs 15 lakh crore were scrapped on a few hours notice. Note ban withdrew over 86 per cent currency in circulation from banking system.

 

Tags: security features on currency, legal tender, note ban, demonetisation, fake notes, ficn
Location: India, Maharashtra, Mumbai (Bombay)