Tough measures are needed to check circulation of counterfeit currency, including indigenisation of the paper and ink used for printing currency notes, feels Central Bureau of Investigation Director Vijay Shankar.
Addressing a workshop of state police nodal officers, Vijay Shankar suggested better cooperation between the state police and the central security agencies to chalk out a plan to deal with such criminals, who indulge in printing fake currency.
"Special courts should be set up to ensure speedy trail," he said.
The workshop, which was attended by officials of central security agencies, Central Economic Intelligence, RBI and CBI, stressed upon the need to indigenisation of the paper on which the currency notes are printed as also the printing ink and machinery.
The participants also called for constant upgrade of security features in Indian currency notes as was the case the US dollar.
Every year, enforcement agencies seize fake currency worth Rs 10 crore.
"It appears to be merely the tip of the iceberg. Recently a nodal group has been constituted in the Ministry of Home Affairs, comprising of central agencies, for stepping up coordination efforts to check the circulation of fake Indian currency notes," the CBI director said.
He informed the workshop that the Union Finance Ministry had also set up a committee consisting of representatives from the Department of Economic Affairs, Directorate of Enforcement, National Security Council, Currency Note Press, Nasik, Central Bureau of Investigation, Ministry of Home Affairs and the Intelligence Bureau, to curb the menace.