RBI asks states to crack down on fake currencyMay 19th, 2011 - 10:41 pm ICT by IANS
Agartala, May 19 (IANS) The Reserve Bank of India (RBI) Thursday asked the state governments, specially those sharing international borders, to take stringent action against circulation of fake currency notes.
“The state governments, particularly those states that share international borders, must be more vigilant and take tough steps to stop the menace of circulating of fake Indian currency,” RBI Governor Duvvuri Subbarao told reporters after the first-ever central board meeting of the country’s central bank here.
He said that the union home ministry in association with the state governments and the security agencies must take appropriate steps to check the circulation of fake Indian currency notes in the market.
“The banks have been asked to install note sorting machines to identify the fake, mutilated and soiled notes,” Subbarao said.
He said efforts are being made to airlift the notes of small denomination and coins to all northeastern states.
“The RBI is aware that the fake currency, shortage of notes of small denomination and coins are big problems in the northeastern region,” he said.
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