RBI to find fake currency in scraped notes

New Delhi, July 24: The Reserve Bank of India (RBI) has decided to inspect the fake currency from demonetized notes of Rs 500/1000 denomination.

The Reserve Bank will hire 12 currency verification systems for six months to help it segregate fake currency in old notes of Rs500 and Rs.1000.These verification systems Currency Verification and Processing System (CVPS).

Earlier in May, the Reserve Bank had floated a global tender for the leasing of 18 Currency Verification and Processing System (CVPS).

It should check the currency notes stored in the regional offices of RBI. These machines have the ability to process at least 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 July 12, 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.

According to the finance ministry, as on 8 November, the day demonetization was announced, there were 1,716.50 crore pieces of Rs 500 and 685.80 crore Rs 1,000 notes in circulation.