New Delhi, April 30: The government will set up a Directorate of Currency to check circulation of fake Indian currency, the Finance Ministry told the Lok Sabha today.
“The government proposes to set up a Directorate of Currency in the Ministry of Finance,” Minister of State for Finance Namo Narain Meena said in a written reply.
The DOC will have the mandate to monitor and review the best practices around the world and instances of breach of security features in India, identify new security features and fund research and development on a continuing basis.
“The efforts of the DOC are expected to substantially contain the counterfeiting of Indian bank notes,” Meena said.
Fake currency rackets are prevalent in areas of Uttar Pradesh, Bihar and West Bengal bordering Nepal, said JD(U) member Mahabali Singh in Lok Sabha today.
According to him, it was affecting the livelihood of the rural poor.
–Agencies