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Despite the increasing use of electronic payments, currency retains an important role in the payment system of every country. However, today, the crime of counterfeiting currency continues to present a potential danger to national economies and financial losses to consumers at large. Recent seizures of large quantities of counterfeit bank notes reported in the press, suggest that, there has been a dramatic increase in the scale of currency counterfeiting in India. Thus, to sustain public confidence in a circulating currency, banknotes must contain features that the public can use to readily judge their authenticity and determine the notes’ denominations.
In this article we study counterfeit money & its threat to society, explore the characteristic of an ideal currency & then examine real world considerations that affect currency design. We also compare and contrast design features in bank notes issued by monetary authorities of various countries, to deter counterfeiting, including India.

History Of Counterfeit Money And Its Effects
Banking in India started as an activity among the European traders, chiefly the East India Company in the early 18th century. The first bank to employ the concept of paper money was a bank set up in Calcutta by Governor Warren Hastings in c. 1770 AD. However, the idea of issuing paper currency by the Government was promulgated by Sir James Wilson, the Finance Member in the Executive Council of the Viceroy, in 1859. Accordingly, an act was passed in 1861, empowering the Government of India to issue currency notes. However, world over, with the invention of a banknote, arose another problem-that of counterfeiting. The crime of counterfeiting currency is as old as money itself. Modern counterfeiting began in 1650 A.D, when paper money was first developed. Initially nations used it as a means of warfare, to overfl ow the enemy’s economy with fake bank notes, so that the real value of the money decreases. However, in the late twentieth century, with the invention of advanced machinery such as color copiers & other electronic devices, counterfeiting became easier and further flourished.
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