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Friday, June 22, 2007

Outsourcing minting business

Each time a fake currency racket is busted in India, the RBI inserts new security features in Indian Rupee bills and informs the public through release of notices in the media. That lasts only till the fakers `adapt’ it in their `fresh batch’ and all or some of it gets busted. Then another new feature, yet another RBI notice. Few frequent notices later you slip up on features, with that your vigilance and just hark back on destiny to save your fortunes.
Sensing that the safety lies in preferring checks to cash especially while dealing with a stranger, you ask them to pay you by check. Your argument : Bankers are trained pros and they are good at spotting phony bills as they get them. If they don’t take phony bills, you won’t get any and if you draw cash only from a Bank or its ATM, you can be sure about its authenticity. No head aches, no more RBI notices to keep track of. Great wisdom....?

Wait a minute…now ATM technology allows cash to be deposited through an ATM. Who will spot if a bunch of high quality fakes get deposited across ATM that a sloppy teller lets in and you end up drawing some of them ? Intelligence agencies that handle our internal security, have recently alerted banks to the dangers of fake currency coming into the system in the form of cash deposits routed through ATMs.

Your idea of hell ? Then that's pretty much it. Dud notes flow out of ATM too thanks to fake cash floating around, crime syndicates, technology, and even masterminds operating across the border.…OMG….what will RBI do now ?

I have a solution. RBI should outsource its minting business to ISI. Heck, they don't even charge us !

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