Mumbai: Fake notes in circulation are on the rise even as the Reserve Bank of India (RBI) and enforcement agencies strive to clear out forgers with increased security features and higher scrutiny. Banks reported higher detection of counterfeit notes after the RBI introduced a target-based incentive/penalty system. During 2013-14, 4.88 lakh pieces of counterfeit notes were detected. Of this, 4.68 lakh pieces (95.9%) were detected by bank branches and 19,827 (4.1%) by RBI offices...........
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