India and United States are working together to sign on a proposed MoU that will allow both countries to blacklist currency material manufacturers found supplying currency printing machines, material or services to a country or entity known to be printing counterfeit bank notes.
- As per the MoU, counterfeiting of currency shall be declared as an instrument for hitting monetary and financial stability of a country.
- The action points proposed in the MoU are sharing of real-time information on sources of materials used in printing fake bank notes, especially the detailed analysis of the chemical composition of ink used to print Fake Indian Currency Notes (FICN).
- Currency material manufacturers (CMM) all over the world are proposed to be brought under certain safeguards, standards and obligations on the basis of reciprocity between India and the US.
- Any CMM associated with sale, manufacture and trade of currency printing machine, equipment, services and consumables, if found supplying these to a country known to be printing fake bank notes, is proposed to be blacklisted by both COU.
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