Central Banking

India moves to cut out counterfeiting

india-rupee

The Reserve Bank of India on Tuesday called for the instalment of note-sorting machines and cassette-swapping systems at all bank branches in a bid to stop ATMs being filed with counterfeit banknotes.

The central bank stressed the importance of ensuring that ATMs and other currency outlets dispensed clean and good notes, and acknowledged that at the same time, security features had to be constantly upgraded and the public educated on how to detect a fake note. The central bank also said it will

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