Reforms for improving security features in notes and coins will ensure reduced incidence of counterfeit currency, Finance Minister Pranab Mukherjee said on Saturday.
"I am confident that as a result of the comprehensive reforms being undertaken in the area of currency and coinage over the last two years, we will be self-reliant to a large extent," Mukherjee said here.
"The reforms related to security features will also ensure that the incidences of fake currency are reduced considerably," he said.
He was speaking on the occasion of commissioning of the new Bank Note Printing Line of the Security Printing and Minting Corporation of India Limited (SPMCIL) here.
Mukherjee said operationalisation of the new line will contribute to the government and RBI efforts to increase security in currency notes.
In his speech, the Finance Minister said a series of measures have taken to strengthen the security features of Indian currency notes. In addition, a high-level committee has been under the chairmanship of Directorate of Currency Director General Bimal Julka for acquiring security feature technologies through global competitive bidding.
"This acquisition of new security features is being done in an efficient and transparent manner. I am hopeful that with the up-gradation of security features, the government will be able to check the menace of fake currency circulation in the country," Mukherjee said.