The Shilabhadra Banerjee Committee constituted to review the acquisition procedure of the security features for currency notes has submitted its report to the Government. The main recommendations of the Committee and action taken thereon are indicated below:
i) Creation of Directorate of Currency: Directorate of Currency has been set up in the Ministry of Finance.
ii) Acquisition of security features: The process of selection of security features has been initiated.
iii) Research and Development activities: R&D Labs have been set up in various units of Security Printing Minting Corporation of India Limited (SPMCIL) and Bharatiya Reserve Bank Note Mudran (P) Limited (BRBNMPL).
iv) Review of procurement manuals: The procurement manuals of SPMCIL and BRBNMPL have been reviewed.
v) Indigenisation: A joint venture banknote paper mill is being set up at Mysore and a new paper line is being established at SPM, Hoshangabad.
vi) Creation of FCORD: A FICN Coordination Centre (FCORD) has been set up under the Ministry of Home Affairs to coordinate the activities for combating the menace of FICNs.
vii) Publicity campaign by RBI: The Reserve Bank of India has launched a multi media campaign for educating the public on how to easily distinguish genuine banknotes from fake ones.