There has been increased circulation of Fake currency in the economy. The figure dished out by TOI is mind boggling 1,69.000 crores. I have a sneaking suspicion that this is part of the terror network tactics adopted. Obviously this fake currency is finding its way to real estate, share market and other fields of economic activity.

Breaking NEWS : RBI has agreed to withdraw 1996 & 2000 series of Rs 500 & Rs 1000/- inorder to combat the menace of the fake currency.

How can the RBI tackle such a terrorist activity of bringing down the faith in Indian currency ?

1. Installation of Fake currency detection machine, public should be able to verify the money being withdrawn from ATMs and branches.

2. Encourage usage of cheques as means of transaction including payment of electricity bills and telephone bills.

3. Verify Real estate transactions and Share market transactions closely.

4. Withdrawl of Rs 1000/ and 500/- current design and introduce totally new designs, asking people to surrender old currency.

5. Introduction of new currency denomination of Rs 200 and Rs 5000/-

There is an urgent need for the finance ministry to tackle this menace. I don t want to be a part of the problem rather a part of the solution.

Thanks to Msians support to tackle fake currency, RBI is forced to take note and initiate action. It is high impact of Mouthshut forum. Just 10 days for RBI to take note and initiate action. Kudos to RBI