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CURRENCY COUNTERFEITING in INDIA: LOOKING for SOLUTIONS Vaishali Kant*

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CURRENCY COUNTERFEITING in INDIA: LOOKING for SOLUTIONS Vaishali Kant* 2013 GJLS Vol. 1, No. 2 Galgotias Journal of Legal Studies ISSN. 2321-1997 CURRENCY COUNTERFEITING IN INDIA: LOOKING FOR SOLUTIONS Vaishali Kant* INTRODUCTION The Currency of India is issued by the Reserve Bank of India and is widely used in the payment systems and retail transactions. The large number of participants are involved- households, retail merchants, financial institutions, high volume currency processors and the Central Bank or currency issuing authority. The total supply of bank notes by the Bharatiya Reserve Bank Note Mudran (P) Ltd1 during 2008-09 (July) was 8,501 million pieces as compared with 8,488 million pieces in 2007-08. Further the Government owned Security Printing and Minting Corporation of India2 supplied 5,160 million pieces of notes in 2008-09 compared with 5,442 million pieces in 2007-08. With the sheer increase in the number of physical bank notes in circulation and the increase in the number of counterfeit notes detected/seized in recent period, it is apparent that steps have to be taken by all stakeholders to address the issue regarding sorting of banknotes and detection of counterfeit notes. The process to ensure proper detection of counterfeit notes and preventing their re-issue or reproduction and 1 RBI has established Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) as its wholly owned subsidiary on 3rd February 1995 with a view to boost the production of bank notes in India and to enable the RBI to bridge the gap between the supply and demand for bank notes in the country. The BRBNMPL has been registered as a Public Limited Company under the Companies Act 1956 with its Registered and Corporate Office situated at Bangalore. The company manages 2 Presses: (1) at Mysore in Karnataka and (2) at Salboni in West Bengal. The present capacity for both the presses is 30 billion note pieces per year on a 3-shift basis. Both the presses have installed the latest "state of the art" Technology in bank note printing. The machinery at Mysore Site has been supplied by M/s. De La Rue Giori, now known as KBA Giori, Switzerland and that of Salboni by M/s. Komori Corporation, Japan. Both the presses are equipped with sophisticated Security Surveillance Systems. The BRBNML mission is to produce bank notes conforming to international standards set by Central Banking and monetary authorities of the world and makes them available in adequate quantities to the RBI at competitive prices. The BRBNMPL has already put in place an effective Quality Management System as embodied in the ISO 9001 - 2008 and also environmental management systems and has also been certified as ISO 9001: 2008 and ISO 14001: 2004 Company. 2 The Security Printing & Minting Corporation of India Limited (SPMCIL) was registered on 13.1.2006 as a wholly owned Public Sector Undertaking of Government of India under Ministry of Finance. It was formed after corporatization of all nine Mints/ Presses/ Mill which were earlier working under the Ministry of Finance. It has four Mints, two Note Printing Presses, two Security Printing Presses and one Security Paper Mill named as follows: India Government Mint, Mumbai (Maharashtra), India Government Mint, Kolkata (West Bengal), India Government Mint, Hyderabad (Andhra Pradesh), India Government Mint, Noida (Uttar Pradesh), Currency Note Press, Nasik (Maharashtra), India Security Press, Nashik Road (Maharashtra), Bank Note Press, Dewas (Madhya Pradesh), Security Printing Press, Hyderabad (Andhra Pradesh) and Security Paper Mill, Hoshangabad (Madhya Pradesh). *B.A.LL.B (M.D.U, Rohtak), LL.M. (N.L.S.I.U, Bangalore), Pursuing PhD from NLU Delhi further to provide and circulate good quality genuine bank notes in the Country is extremely important. Table 8.1: Banknotes in Circulation Denomination Volume (Million pieces) Value (Rupees crore) End-March End-March End-March End-March End-March End-March 2007 2008 2009 2007 2008 2009 1 2 3 4 5 6 7 Rs.2 and Rs.5 6,008 7,405 7,867 2,334 2,747 2,936 (15.1) (16.7) (16.1) (0.5) (0.5) (0.4) Rs.10 7,155 9,333 12,222 7,155 9,333 12,222 (18.0) (21.1) (25.0) (1.4) (1.6) (1.8) Rs.20 2,089 2,054 2,200 4,178 4,108 4,399 (5.2) (4.6) (4.5) (0.8) (0.7) (0.6) Rs.50 5,590 5,302 4,888 27,951 26,508 24,440 (14.0) (12.0) (10.0) (5.6) (4.6) (3.6) Rs.100 13,544 13,457 13,702 1,35,444 1,34,575 1,37,028 (34.0) (30.4) (28.0) (27.3) (23.1) (20.1) Rs.500 4,508 5,262 6,166 2,25,400 2,63,108 3,08,304 (11.3) (11.9) (12.6) (45.4) (45.2) (45.3) Rs.1,000 937 1,412 1,918 93,676 1,41,219 1,91,784 (2.4) (3.2) (3.9) (18.9) (24.3) (28.2) Total 39,831 44,225 48,963 4,96,138 5,81,598 6,81,113 Note: Figures in parentheses in columns 2 to 7 indicate percentage to total banknotes in circulation. Source: RBI Annual Report, Part VIII Currency Management, issued on 27/08/2009, kindly visit http://www.rbi.org.in/scripts/AnnualReportPublications.aspx?Id=902 Source: RBI Annual Report, Part VIII Currency Management, issued on 27/08/2009, kindly visit http://www.rbi.org.in/scripts/AnnualReportPublications.aspx?Id=902 CURRENCY/BANK NOTES: TERMINOLOGICAL UNDERSTANDING As we know, the rupee is the currency of India. On a foreign exchange, Indian rupee is listed with a three letter code INR which stands for Indian National Rupee. For example, the code for U.S. dollars is USD; similarly the code for Indian rupee is INR. At present the rupee is issued by the Reserve Bank of India. The word “rupee” derived from a Sanskrit word “raupya”. Generally speaking, currency notes are the debt paper that the Central Government owe. The rupees or Indian Currencies are the medium of exchange and are mainly exchanged in the process of business deals and commercial/retail transactions. The payment of money is generally done either in cash or through negotiable instruments like cheques, promissory notes, Bill of Exchange, Hundies etc. Only the bank can draw, accept, make or issue any bill of exchange, hundi, promissory note or engagement for the payment of money payable to bearer on demand, or borrow, owe or take up any sum or sums of money on the bills, hundis or notes payable to bearer on demand of any such person.3 The expression “Bank-note” means a promissory note or engagement for the payment of money to bearer on demand issued by any person carrying on the business of banking in any part of the world, or issued by or under the authority of any state or sovereign power, and intended to be used as equivalent to, or as a substitute for, money.4 Bank notes can be of the denominational values of two rupees, five rupees, ten rupees, twenty rupees, fifty rupees, one hundred rupees, five hundred rupees, one thousand rupees, five thousand rupees and ten thousand rupees.5 The design, form and material of bank notes shall be such as may be approved by the Central Government after consideration of the recommendations made be Central Board.6 Every Bank note shall be legal tender at any place in India in payment or on account for the amount expressed therein and shall be guaranteed by the Central Government.7 Further, the Central Government may, on getting recommendations of the Central Board, declare any series of bank notes of any denomination as ceased to be legal tender.8 Specifically, bank notes issued before the 13th January, 1946 shall cease to be legal tender.9 Although the Bank shall not re-issue bank notes which are torn, defaced or excessively soiled, but only as a matter of grace, the soiled mutilated notes can be exchanged at the Bank. The Central Government shall undertake not to put into circulation any rupees, except through the RBI. Further, the Bank shall undertake not to dispose of rupee coin otherwise than for the purposes of circulation.10 The RBI has the obligation to supply different forms of Currency. The Bank shall issue rupee coin on demand in exchange for bank notes and currency notes of the Government of India, and shall issue currency notes or bank notes on demand in exchange for coin which is legal tender under the Indian Coinage Act, 1906. The Bank shall, in exchange for currency notes or bank notes of two rupees or upwards, supply currency notes or bank notes of lower value or other coins which are legal tender under the Indian Coinage Act, 1906 in such quantities as may, in 3 Refer Section 31(1) of Reserve Bank of India Act, 1934 4 Explanation under Section 489 A of IPC 5 Refer Section 24 of the Reserve Bank of India Act, 1934 6 Refer Section 25 of the Reserve Bank of India Act, 1934 7 Refer Section 26 of the Reserve Bank of India Act, 1934 8 Refer Section 26(2) of the Reserve Bank of India Act, 1934 9 Refer Section 26A of the Reserve Bank of India Act, 1934 10 Refer Section 38 of the Reserve Bank of India Act, 1934 the opinion of the Bank, be required for circulation and the Central Government shall supply such coins to the Bank on demand. If the Central Government fails at any time to supply such coins, the Bank shall be released from its obligations to supply them to the public.11 HISTORICAL PERSPECTIVE (IN BRIEF) The Indian Currency carries a vast and venerable historical importance.
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