RBI to withdraw 1996

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New Delhi, Aug 28: In order to contain the fake currency racket, the Reserve Bank of India (RBI) have decided to withdraw a particular series of note between years 1996 and 2000. This move was initiated after it was reported that a huge haul of fake currency was discovered from an State Bank of India (SBI) branch in Siddharthnagar, Uttar Pradesh. The Finance Ministry has now directed the RBI to withdraw that particular series of notes.

The counterfeit notes are largely of the same series. The withdrawal of notes is to take place by January 2009. RBI has also said that there were crude attempts to breach security features of 2006 series. Notes of denomination of 10, 20, 50 and 100 are to be withdrawn. It has also clarified that the new series of currency notes will have increased security features.

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