Debt-ridden businessman busted by Gujarat police for printing fake currency

A Rajkot resident was on Saturday arrested after a raid by personnel of the Gujarat police's Special Operations Group at his house for allegedly printing currency notes, an official said. Sixty fake currency notes of Rs. 500 and Rs. 2000 denominations, having a face value of Rs.75,000, were seized in the raid near the Laxman Jhoola Park area in Rajkot, he said.

"Akbari is the co-owner of a factory in Jetpur which closed down recently and he was facing financial troubles. He was using a printer to create fake currency notes to pay off debts," said the official. 

Read: RBI Proposes Mobile App To Help Visually Impaired To Identify Currency Notes

Meanwhile, the Reserve Bank of India proposes to come out with a mobile application to aid visually impaired persons in identifying Indian currency notes.  At present, banknotes in the denominations of Rs 10, 20, 50, 100, 200, 500 and 2,000 are in circulation, besides Re 1 notes issued by the Government of India.

Intaglio printing based identification marks for helping the visually challenged in identification of denomination of banknotes are present in notes of Rs 100 and above.

The RBI has solicited bids from technology firms for developing the mobile application.

"The application should be able to identify denomination of legal tender banknotes of Mahatma Gandhi Series and Mahatma Gandhi (New) series by capturing the image of the notes placed in front of mobile camera or scrolled across it," said the request for proposal issued by the central bank.

Also, the mobile application should be searchable via voice option in all app stores, it said.

"The mobile application should be able to identify the bank note denomination in 2 seconds or less," the RBI said, and added that the app should also work in offline mode without internet connection.

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Further, the mobile application shall provide multi-lingual support as well as audio notifications. The application is expected to support Hindi and English language as a minimum, it said.