GOI invites global tender for security features in Bank Notes
7 03 2009India, New Delhi, March 7, 2009: With the invention of a banknote, arose another problem-that of counterfeiting. Counterfeiting is probably as old as money itself. Before the introduction of paper money, the main way of doing it was to mix base metals in what was supposed to be pure gold or silver. Modern counterfeiting begins with paper money. Nations have used counterfeiting as a means of warfare. The idea is to overflow the enemy’s economy with fake bank notes, so that the real value of the money plummets.
With last year, the number of fake currency seized in India till October 2008 is Rs 5.6 crores (50 million), three times more than in 2007. In an attempt to reduce counterfeiting, The Indian government has invited global tender for participation in the process of short listing of Security features for bank notes. The last date for submission of application is 31st March 2009. Government of India is keen to consider such security products for bank notes which have been developed and tested in at least three major circulation Bank notes in the world in efforts to make counterfeiting difficult.
Categories : All, India News, Counterfeiting, Tender