Close on the heels of the demonetization announcement, the Reserve Bank of India unveiled new currency denomination of Rs 2000 and soon followed it up with brand new notes of Rs 500. Despite much talk about high-security notes and a micro-chip imbedded currency, it soon came to light that these were normal currency notes with cosmetic changes.
The NIA has seized a number of counterfeit high value currency notes. The fact that currency copies went to the extent of mocking the notes by printing ‘Children’s Bank of India’ was no laughing matter. The issue of updating security features in high-denomination notes should have been initiated prior to the launch of new notes. With counterfeit notes exchanging hands despite demonetisation is enough reason for RBI to arrest the menace. As we move towards a more digitised economy, cashless transactions and wireless technology security is the need of the hour.
