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Fake currency: CBI for strict measures

Special Correspondent

Indigenisation of material favoured

NEW DELHI: With the annual fake currency seizures in the country crossing Rs. 10 crore, the Central Bureau of Investigation (CBI) favours strict and elaborate measures to check the trend.

A workshop of State police nodal officers, Central security agencies, Central Economic Intelligence and enforcement agencies, Reserve Bank of India and CBI officials has recommended indigenisation of the paper on which the currency notes are printed as also the indigenisation of the printing ink and machinery.

The workshop, organised by the CBI here on Friday, recommended such indigenisation as most of the paper used for printing currency was being imported and could be procured by counterfeiters.

Participants felt that the RBI should increase the security features of currency notes from time to time on the pattern of the U.S. dollar which happens to be the most counterfeited currency in the world.

The workshop also called for more frequent and smooth coordination between the various State and Central agencies in sharing intelligence and investigation of complex seizures having inter-state and trans-national dimensions.

The workshop recommended the setting up of special courts for speedy trial of fake Indian currency note cases.

CBI Director Vijay Shanker said that the annual seizures of fake notes valued around Rs.10 crore was merely the “tip of the iceberg.”

A nodal group has been formed recently in the Home Ministry comprising Central agencies for stepping up coordination efforts in checking circulation of fake notes.

The CBI chief said profit was not the only motive behind the crime of counterfeiting, it was rather destabilisation of the economy and causing panic.

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