Detection of Counterfeit Currency of Rs.2000 and Rs.500 using MATLAB

Abstract: Money transactions are plagued by counterfeit notes, which are among the most common problems. In an evolving country like India, it has become a hazard to the economy as a rise in fake notes shoot up counterfeit money in the system, which lowers the value of real money. It also increases inflation, i.e. price of the articles and commodities due to more supply of money in the country Fraudsters can easily print fake notes using the latest hardware machines due to advances in printing and scanning technologies. Recognizing fake notes manually consumes plenty of time and workforce. Hence there is the necessity of a system that would make the counterfeit currency distinction process manageable and effective. This paper is an attempt on creating a system that will take the image of suspicious notes of Rs.2000 & Rs.500 and detct fake notes to give a promising solution for the counterfeit currency problem.

Keywords: Rs. 2000 & Rs.500, Image Processing, MATLAB, Counterfeit notes, manageable, effective