In a bid to check counterfeiting, the Government of India is contemplating with idea of changing security features of of higher denomination notes of Rs 2,000 and Rs 500 periodically.
According to sources security features of higher denomination banknotes of Rs 2,000 and Rs 500 would be changed every 3-4 years to compete with global standards.
The move comes in the wake of recovery of a large amount of fake Indian currency notes in last four months after demonetisation.
The issue was discussed threadbare at a high-level meeting on Thursday. The meeting was attended by senior officials of the ministries of finance and home, including Union Home Secretary Rajiv Mehrishi.
The change in design of Indian currency notes of higher denominations was long due. Till its demonetisation, there had been no major change in the Rs 1,000 note since its introduction in 2000. Changes in the old Rs 500 note, which was launched in 1987, were carried out more than a decade ago.
The newly introduced notes had no additional security features and were similar to those in the old Rs 1,000 and Rs 500 notes, officials said.