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RBI to hire note verification system

The Reserve Bank of India will hire currency verification systems to help it detect fake notes among the scrapped Rs 500 and Rs 1000 notes that were deposited following the demonetization. The central bank is said to be counting these old currency notes. It has floated a tender floated to lease the verification systems. The term of the lease contract will be 6 months, extendable by 3 blocks of 2 months each, the tender states. RBI is also of the view that there could be a sizeable number of fake currency among the deposited notes and it is necessary that these are identified in order to arrive at the exact amount of high value currency deposited at the banks post-demonetization.

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