Kores plans fake money detector unit in India

Kores India is mulling to set up a counterfeit currency detector manufacturing unit in India, a top company official said.

"We are planning to set up a unit to manufacture fake currency detector machines in the country and are scouting for a good location," Kores' CEO (Business and Computer Systems Divison), G S S Dutt, told reporters on the sidelines of the launch of 'Kores Fusion' on Tuesday.

Kores Fusion is the first-of-its-kind single pocket counter fake currency detector machine.

Priced at over Rs one-lakh, the detector machine is currently being imported from Swiss-based BEB Industrie Elektronki AG and can detect 1,200 notes per minute.

"It's a versatile machine which can detect not only Indian currency but all other foreign currencies. It can detect all the security features in a note and can also be upgraded and calibrated as soon as the apex bank changes the security features," Dutt said.

The machine can detect infra-red pattern, water mark recognition, multiple-head magnetic pattern, security metal thread and other security marks.

With the counterfiet currency racket growing in the country, the challenge at the moment is to check the circulation of such notes, Dutt said, adding that such machines are ideal for banks and other financial institutions.

He expected to sell 3,50,000 units next year. The company will also be conducting roadshows to sensitising people on the huge circulation of fake currency and the role of Kores Fusion in checking the same.

The Rs 800 crore (Rs 8 billion) Kores Group, whose mother products are stationery items, is expecting a revenue of Rs 1,000 crore (Rs 10 billion) for this fiscal.