Mumbai numismatists worried over misuse of error currency notes

Numismatists of Mumbai have a stone in their shoe. Rampant stealing of error currency notes in the Bank Notes Press (BNP) and flooding into the market is giving the currency enthusiasts a tough time. The notes will now cost higher in the antiques world market, they said. The recent arrest of a senior official possessing Rs 90 lakh worth currency notes at BNP Dewas in Madhya Pradesh raises severe security concerns.

The Central Industrial Security Force (CISF) had arrested Manohar Verma who was employed as deputy control officer in the note verification department at the Security Printing and Minting Corporation of India Limited (SPMCIL)-run BNP in MP. The officer had kept the currency notes, with minor and major defects, at his home.

"The error notes have flooded into the market of antiques and has higher value than its denomination. Coins and currency collectors purchase it either as a hobby or to resale it at a much higher value," said Siddharth Shah, founder of Indian Coins and Currency Group (ICCG) and author of 'Indian Mint Errors'.

"The error while printing currency notes is bound to happen because the quantity of currency notes being printed in single batch. The error notes like dry print and butterfly error cutting notes fetch good price in the antiques market," said Shah.

"It cannot be denied that such notes are flooding in the market without the knowledge of officials working in BNPs of India.", said Shah.

Tejas Shah, a numismatist, said, "A standard procedure has to be followed while destroying the error notes. Even a minor defect can mislead the currency holder. Moreover, the thefts in the high-security areas is a major concern."

"With Nashik BNP closer to the city, the incident at Dewas BNP also raises security concerns in the Nashik BNP and adequate measures must be taken by the government officials." said Shah. The Reserve Bank of India in their statement said, "RBI does not have any official placed with BNP, Dewas."