Taking steps to deal with fake notes: Chidambaram

.....The finance minister said steps have been taken to prevent entry and circulation of fake currency. Improving security features of bank notes and preventing entry of fake currency are ways to deal with the problem, he said. The National Investigation Agency (NIA) is the nodal agency to deal with the problem of the counterfeit notes and steps are also being taken to install note sorting machines at bank branches, he said. Chidambaram informed the House that with a view to increasing the life of bank notes, particularly in lower dominations, the RBI in consultation with government has been considering various options including printing of polymer bank notes. He said a decision had accordingly been taken to introduce one billion pieces of Rs. 10 bank notes on polymer in a field trial basis in five cities.........

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