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RBI for ‘co-ordination team’ to tackle fake notes
Correspondent/ PTI SHILLONG, AUG 7:
Published on 7 Aug. 2009 11:13 PM IST
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The Reserve Bank of India (RBI) today mooted the idea of setting up a ‘co-ordination team’ with security agencies to contain circulation of counterfeit currency in the region through the porous Indo-Bangla border. “This menace can be controlled only if there is there is coordination between banks and security and intelligence agencies,” RBI Deputy Governor KC Chakrabarty told journalists on the sidelines of the State Level Bankers’ Committee meeting, here. Revealing that the circulation of fake currency notes is rampant in the North Eastern states due to its proximity with the international border, Chakrabarty have started working with security agencies to counter the inflow of fake currency notes into the region. In order to check counterfeit notes, he said the RBI has decided to improve its print quality besides, creating awareness amongst the public on how to identify fake and genuine currency. He also urged upon the people to report to police on account of receiving any fake currency. Earlier addressing the State Level Bankers’ Committee, Chakrabarty stressed on the need to improve the rural credit system in Meghalaya. He also urged the state government to open up more banks in the far flung areas of state to benefits the farming community. Meghalaya Chief Secretary Ranjan Chatterjee said that the farmers are the worse sufferers due to inadequacy of credit flow and low deposit ration inspite of economic stimulus packages offered by the Union government. 3 to 4 % of currency in country fake Nearly three to four per cent of the currency circulating in the country is fake, a top RBI official said today. However, the issue is "not alarming" and the central bank has adopted a multi-pronged approach to tackle the menace, RBI deputy Governor KC Chakraborty told PTI. Noting that the menace is a global threat, he said the Centre has decided to take up the issue with European countries, including Britain, to find a common solution. Most of the counterfeit notes are originating from Pakistan, Chakraborty said, adding North Eastern states and other border states are more vulnerable to the menace. "We are coordinating with security and intelligence agencies in these places. RBI has launched an awareness programme to help people detect fake notes and report them to security agencies," he said. The RBI official underlined the need for common people to have improved access to banking facilities which could also help deal with the menace.

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