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Par panel for legal protection to victims of fake notes

Last Updated: Thursday, March 21, 2013 - 20:09

New Delhi: A Parliamentary Panel today suggested that the government should make amendment in laws to provide protection to victims of counterfeit operations.

The Committee are disappointed to note that no steps to amend the penal provisions for providing protection to the hapless victims of counterfeit operations have been initiated by the government, a panel headed by senior Congress leader Jagdambika Pal said in the report tabled in Parliament.

The Committee on Public Undertaking said, "this is all the more imperative since more and more law enforcing agencies are being involved by the government to curb and control this problem of gargantuan proportion."

Taking a note of various measures taken by the government to effectively control the menace of counterfeit currency, the report said "the Committee, therefore, reiterate their earlier recommendation and desire that Government initiate appropriate steps in this regard immediately. "

For selecting new security features for the new series of bank notes, steps have already been initiated by the Ministry of Finance and RBI and a high level steering committee of experts to improve design of Indian bank notes has been constituted, it said.

"The Committee trust that efforts initiated by the government for introduction of easily recognisable anti counterfeiting security features would fructify at the soonest and will help in controlling the menace of counterfeit currency notes," it added.

With a view to further strengthen the systems of handling banknotes by the banks, it said, RBI has issued a direction to all its scheduled banks that banknotes in denomination of Rs 100 and above should be re-issued by banks over their counters or through ATMs only if those banknotes are duly checked for authenticity/genuineness and fitness by machines.


First Published: Thursday, March 21, 2013 - 20:09

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