Beware of fake currency: PCAIT

New Delhi: Due to the rising incidents of fake currencies doing the rounds, the Progressive Channel Association of IT (PCAIT) has circulated a mailer to its members to be wary of these counterfeit notes. The denominations that are being duplicated are Rs 100, 500 and 1,000 notes.

“Nowadays the number of fake currencies in the market are increasing. Even ATMs are giving out counterfeit notes. And while earlier the fakes were common in 500 and 1,000 notes now they are plenty in 100 denominations as well,” said V Krishnan, Secretary, PCAIT.

Not only is the association giving its members instructions on how to identify these fakes, it is also informing them of what to do when they come in possession of such notes.

The circular contains close ups of these notes and points out the areas where a lay man can make out whether a note is fake or not. “Channel partners do most of their business through cash sales so they need to exercise caution when dealing with cash. If they come across any such notes they should ask the customer to give another note immediately,” cautioned Krishnan.

Initiatives like this taken by PCAIT can go a long way in ensuring smooth business of channel partners. Especially in this case, it is better to be aware then to face the consequences later. It should be noted that if a person is found in possession of fake notes and cannot explain how or where they got the notes from then they are liable to go to jail. “There are more safety features that have been put into the new notes after 2008. These notes look so genuine, they can easily fool someone who is not alert. That's why it is important to spread awareness about such things,” concluded Krishnan.

Spot a fake Rs 1,000

1. Optically viable ink: The color of the numeral appears green when the note is held flat but would change to blue when the note is held at an angle. The font size is reduced.
2. Security thread: 3mm wide security with inscriptions “bharat (in hindi)”, “1000” and “RBI” and color shift from green to blue when viewed from different angles. The thread is visible as a continuous line from behind when held up against light.
3. Watermark: The portrait of Mahatma Gandhi, the multi-directional lines and an electrolyte mark showing the denominational numeral appear in the left hand empty space on the front side of the note. These can be viewed better when the note is held against light.

Source: Reserve Bank of India, Department of Currency Management