The Indian physical money market has been seeing an increase in the insurgence of counterfeit currency notes in the past three years. About 50 out of every 10 lakh notes in circulation are being detected as counterfeit by the banks as well as the Reserve Bank of India. When added, the figure is indeed worrisome with nearly 400 crore worth of counterfeit currency being in circulation.
An amount of 70 crore is being infused into the Indian market in the form of FICN (Fake Indian Currency Notes). More notes of higher denomination are being pushed into the market and the police have been able to intercept only one-third of the total influx of FICN.
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To make matters worse, the Delhi Police has said that the difference between genuine and FICN has reduced over the years with the counterfeit notes using similar paper, security thread, the right stiffness, and even the watermark (portrait of Mahatma Gandhi) is more or less matched.
Here are a few ways and means to differentiate between a genuine Rs 500 currency note and a counterfeit:
• The Mahatma Gandhi Series of banknotes containing the Mahatma Gandhi watermark have a light and shade effect. There are also multi-directional lines in the watermark window.
• The Rs 500 notes have a 3 mm width security thread which appears to the left of Mahatma’s portrait.
• This security thread has Bharat inscribed on it in Devanagari Script, as well as RBI.
• The thread shows as a continuous line from behind when held against light.
• It will fluoresce yellow on the reverse and the text will fluoresce on the obverse under ultraviolet light.
• Prior to Mahatma Gandhi series of Rs 500 notes, the embedded security thread was non-readable.
• There is a vertical band on the right side of the Mahatma Gandhi’s portrait.
• This band is a latent image as it is visible only when placed horizontally and at eye level.
• Between the vertical band and Mahatma Gandhi portrait, the denominational value of the notes are featured in micro letters which is visible only through magnifying glasses.
• The portrait of Mahatma Gandhi, the Reserve Bank seal, guarantee and promise clause, Ashoka Pillar Emblem on the left, RBI Governor’s signature as well as the identification marks for the visually impaired, are printed in intaglio i.e. in raised prints, which can be felt by touch.
• The floral design to the extreme left on the front as well as the back is actually 500 written half, and when moved against light, the complete denomination will be visible.
• The background of the area where the denomination 500 is printed will glow when held under ultra-violet light.
• The colour of the numeral 500 appears green when the note is held flat but would change to blue when the note is held at an angle. The font size is reduced.
Five Quick Ways to Check for a Counterfeit
• The “panch sau rupiye” written in the middle as well as the “Reserve Bank of India” written on the top of the note, are written in raised ink and can, thus, be felt by hand.
• The vertical floral design, to the right of the portrait of Mahatma has the denomination 500 written which will be visible when held against light.
• The empty space to the left of the portrait of Mahatma when held against light will show the image of the Mahatma.
• One can feel a small circle right above the Ashoka emblem.
• The centre bottom has the year of printing which is clearly visible.
