INDIAN OFFICIALS SUSPENDED OVER DEFECTIVE BANKNOTES

Two senior officials posted at Security Paper Mill (SPM) in Hoshangabad district of Madhya Pradesh were suspended on Friday over production of millions of defective Rs 500 and Rs 1000 banknotes.

Around 80,000 defective Rs 500 notes and 10,000 defective Rs 1,000 notes produced by the mill has already hit the market, triggering panic among citizens. Security threads are missing in these notes, said an official at Hoshangabad mill. Magnetic security thread with inscriptions 'Bharat' and 'RBI' is the most distinguishing feature in an Indian currency note and prevents counterfeiting.

A shocked RBI asked banks to replace such notes when customers approach them. The notes are genuine, but defective. A five-member team has been constituted by Union finance ministry to launch a high-level inquiry into the matter.

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MP officials suspended over production of defective Rs 500 and Rs 1000 banknotes (http://timesofindia.indiatimes.com/india/MP-officials-suspended-over-production-of-defective-Rs-500-and-Rs-1000-banknotes/articleshow/50503407.cms)

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