RBI to lease currency verification systems to weed out fakes
The Reserve Bank of India will hire 12 currency verification systems for six months to help it segregate fake ones from scrapped Rs500, Rs1000 notes
New Delhi: The Reserve Bank of India (RBI) will hire 12 currency verification systems for six months to help it segregate fake ones from scrapped notes of Rs500 and Rs1000 denomination.
The central bank is currently engaged in counting huge pile of old Rs500, Rs1000 notes which were scrapped following demonetisation on 9 November 2016.
Earlier in May, RBI had floated a global tender for leasing of 18 ‘Currency Verification and Processing System (CVPS)’. However, the tender was later cancelled and now a fresh one has been floated to lease 12 such systems.
As per the tender document, the currency notes of all denominations received at regional office of the RBI would have to be processed at a minimum speed of 30 notes per second. The term of the lease contract will be of six months, extendable by three blocks of two months each, it added.
RBI governor Urjit Patel, while appearing before a Parliamentary panel on 12 July, had reportedly said the deposited banned notes were still being counted and therefore he was not in a position to give a figure on the scrapped currency that was back in the system.
Patel did not provide any “specific number” on the amount of money that had been deposited post-demonetisation. According to the finance ministry, as on 8 November, the day demonetisation was announced, there were 1,716.50 crore pieces of Rs500 and 685.80 crore Rs1,000 notes in circulation.
- Change M&A norms to calculate spectrum dues: Trai
- Cracking India’s bankruptcy code
- RBI’s registry will help solve problem of credit shortage: iSpirt’s Sharad Sharma
- Fintech regulation at an inflection point: Shardul Amarchand’s Shilpa Mankar Ahluwalia
- Voice and AI biggest transformative tech, says EY’s Mahesh Makhija
Editor's Picks »
- CAG puts spanner on GE’s diesel loco manufacturing unit in Bihar
- Modi slams opposition, refers to Rahul’s ‘unwanted hug’ at Shahjahanpur rally
- Gold price maintains uptrend on global cues, jewellers’ buying
- Sky is Comcast’s final prize as Disney battle approaches endgame
- Donald Trump and the US dollar: Actions speak louder than words
- What ABB India’s performance in June quarter says about capex growth
- Bajaj Finance does well in Q1 even as competition hots up
- Kotak Mahindra Bank: The perils of being priced to perfection
- Higher cane price crushes hopes of sugar mills
- Market optimism before 2019 general election: History may not repeat itself