How a fake note is detected?

Fake note detection unit consist of UV LED, photodiode, amplifier and comparator. The UV LED source transmits the UV rays, if the note is real it will absorb some amount of UV rays and if the note is fake then the all rays will be reflected back towards the photodiode.

Can two currency notes have the same serial number?

No, each bill of the same denomination has its own unique set of serial numbers assigned by the federal reserve bank issuing them. However, a $1 and a $5 bill, for example, can have the same serial numbers because they are totally different denominations.

Can RBI print unlimited currency?

The Reserve Bank of India The RBI is permitted to print currency up to 10,000 rupee notes. To deter counterfeiting and fraud, the Indian government withdrew the 500 and 1,000 rupee notes from circulation in 2016.

What happens if you have a fake note?

If you suspect that you have a counterfeit banknote, please take it to your nearest police station. The police should fill out an NCO-1 form and provide you with a receipt and incident number. The suspect notes will be sent to the National Crime Agency and if counterfeit to the Bank of England for further examination.

How do you handle fake notes?

For cases of detection of Counterfeit Notes of 5 or more pieces, in a single transaction, the Counterfeit Notes should be forwarded immediately by the Nodal Bank Officer to the local police authorities or the Nodal Police Station for investigation by filing FIR in the prescribed format (Annex IV).

What if government print more money?

While additional money printing is likely to increase the demand for goods and services, it may lead to a sharp rise in inflation if the economic output fails to support demand. In turn, there will be a sharp increase in prices of existing goods and services as the demand will rise, but supply won’t.

What happens if you accept fake money?

Federal Crimes Under federal law, the use or attempted use of counterfeit currency is illegal if the person has the intent to defraud the recipient. A conviction for the offense carries up to 20 years in prison and a fine.

What are fake Indian currency notes (FICN)?

Fake Indian Currency Note (FICN) is the official term for counterfeit notes in the Indian economy. Estimates vary as to how many fake notes are in circulation. A study completed by the National Investigation Agency in partnership with the Indian Statistical Institute (ISI) stated that the value is 400 crore rupees (4 billion rupees/$53.3 million).

What are the security features of Indian currency notes?

Indian currency notes have some security features which marks its genuinity and differentiates it with a counterfeit notes. 1-Observe through Register : The small floral design printed both on the front (hollow) and back (filled up) of the note in the middle of the vertical band next to the Watermark.

How much fake currency was seized in India after demonetization?

In January 2020, analysis of the latest reports of the National Crime Records Bureau (NCRB) indicated that 2,000 rupee notes made up most of the fake currency seized in India after demonetization. In particular, law enforcement agencies seized counterfeit currency totaling 46.06 crore rupees (0.46 billion rupees/$6.13 million) in 2017 and 2018.

How many rupee notes are fake each year?

In particular, law enforcement agencies seized counterfeit currency totaling 46.06 crore rupees (0.46 billion rupees/$6.13 million) in 2017 and 2018. Fake 2,000 rupee notes comprised 53.3\% of the value in 2017, increasing to 61\% of the value in 2018. But where do the fake notes come from?