Kores India launches fake currency detector
For a country unnerved by the enormity of counterfeit currency notes floating in the market, here is a possible solution.business Updated: Nov 03, 2009 22:02 IST
For a country unnerved by the enormity of counterfeit currency notes floating in the market, here is a possible solution.
Kores India is all set to introduce a unique counterfeit currency detector in India that has the capability to scan 1,200
notes per minute and reject the fake ones hidden in bundles of notes. The machine costs Rs 1,10,000.
Though currency scanners do exist in the market, the notes need to be scanned one by one taking long time. Banks were often worried and had to suffer huge losses because detecting the fake currencies was not so easy. Now, this problem can be handled at the cash receiving points.
Specifically designed for banks and other entities that handle huge amounts of cash every day, the fake currency detector called Kores Fusion has been developed in association with BEB Industrie-Elektronik of Switzerland.
The Swiss company has developed proprietary technology embedded in high precision scanners in the machine that could easily distinguish between original and fake notes.
“It would be near impossible for counterfeit currency to pass through this machine without being detected. This is the first time that such a high-speed machine to scan currencies has been developed,” said said G.S.S. Dutt, CEO, (Business and Computer Systems), Kores India.
“The degree of detection is very high and this machine has passed all tests. We are launching it across the country. We have been working with banks very closely and they would be our main customers,” he said.
According to Kores India more than one lakh branches of different banks are among prospective customers, apart from mall operators, builders, jewellers, toll collection centers, big retailers and other entities that handle large volumes of cash. The demand could be as high as 3 lakh units.
This machine can also scan other currencies such as dollars, euro or any other currency the user would like. Additionally, this machine can be used for counting and sorting currencies by denomination and fitness.
The Swiss partner's sales director Kalaus Leibundgut said that the machine has been specifically designed for India and is one its kind in the world.
He said if demand goes up, his company would consider manufacturing the machines locally in India. Now these machines are imported from Switzerland.