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The Re­serve Bank of In­dia has ramped up its move­ment against coun­ter­feit cur­rency with launch­ing a web­site ex­plain­ing ways to de­tect fake notes. With a tagline ‘Pe­hchano Paise Ki Boli, Kyunki Paisa Bolta Hai’, the web­site- www.pais­abolta­ gives vis­ual pre­sen­ta­tion with point­ers on cur­rency notes of 10, 20, 50, 100, 500 and 1,000 ru­pee de­nom­i­na­tions. Con­sumers have the op­tion to down­load posters of these cur­rency notes, which can be used as ref­er­ence to iden­tify coun­ter­feit notes. A doc­u­men­tary film on it can also be down­loaded. The link for this web­site is avail­able on RBI’s main web­site as well. The site also gives de­tails of the num­ber of fake cur­rency notes de­tected. In the site’s FAQ (fre­quently asked ques­tion) sec­tion, RBI has given ways to deal with fake notes, if some­one gets it. “The bank will im­pound the coun­ter­feit note in the pres­ence of the ten­derer. The bank will also is­sue an ac­knowl­edge­ment to the ten­derer. “The re­ceipt is au­then­ti­cated by the cashier as well as by the ten­derer. The ac­knowl­edge­ment is is­sued even in cases where the ten­derer is un­will­ing to coun­ter­sign it The bank will there­after for­ward the im­pounded note to the lo­cal po­lice au­thor­i­ties for fur­ther nec­es­sary ac­tion.” RBI said con­sid­er­ing there were 64,577 mil­lion pieces of ban­knotes in cir­cu­la­tion as on March 31, 2011, the de­tec­tion of forged notes dur­ing 2010-11 was to the tune of 6.74 pieces per mil­lion pieces of ban­knotes in cir­cu­la­tion. In the past as well, the Re­serve Bank has come out with var­i­ous no­ti­fi­ca­tions warn­ing against cir­cu­la­tion of coun­ter­feit cur­rency notes. Re­fer­ring to the fake cur­rency notes in cir­cu­la­tion, RBI Gov­er­nor D Sub­barao had said that the gov­ern­ment and po­lice are tak­ing sev­eral mea­sures to deal with the men­ace. He em­pha­sised the need to ed­u­cate peo­ple on ways to dis­tin­guish fake cur­rency notes from the gen­uine ones. RBI also said that it is work­ing on launch­ing plas­tic cur­rency and will soon launch a pi­lot project for the same. “Coun­ter­feit­ing of plas­tic notes is very dif­fi­cult. So we are plan­ning to launch some plas­tic money on pi­lot ba­sis in 4-5 cen­tres. Like Jaipur, Shimla, Bhubanesh­war and other cen­tres. We are work­ing on it,” RBI Deputy Gov­er­nor H R Khan said at an event in New Delhi. Un­der the pi­lot project for is­sue of plas­tic cur­rency notes, notes of Rs 10 de­nom­i­na­tion would be dis­trib­uted through the cen­tral bank’s five re­gional of­fices. The pro­posed shift to plas­tic cur­rency notes, in­stead of the nor­mal pa­per notes, is pri­mar­ily aimed at check­ing the coun­ter­feit­ing as also high cost as­so­ci­ated with print­ing of pa­per cur­rency, as they need early re­place­ment due to soil­ing and mu­ti­la­tion. These notes would have an av­er­age life span of 5 years com­pared to one year for the cur­rency notes, and also these notes are cleaner than pa­per notes and it would be dif­fi­cult to coun­ter­feit the cur­rency.

Pharma Firms sell com­mon Drugs at 10 times the Cost

Lead­ing pharma com­pa­nies, in­clud­ing Glax­oSmithk­line, Pfizer and Ran­baxy, sell com­monly used drugs at a rate 10 times the cost of pro­duc­tion, a study by the Cor­po­rate Af­fairs Min­istry has found. A study by the Cost Au­dit branch of the MCA found drugs like Calpol man­u­fac­tured by Glax­osmithk­line, Corex Cough Syrup by Pfizer, Re­vi­tal by Ran­baxy Global, Omez by Dr Reddy’s Labs, Azithral by Alem­bic and sev­eral oth­ers were be­ing sold at a mark up to 1,123 per cent over the cost of pro­duc­tion. Wor­ried over the find­ings of the study, Cor­po­rate Af­fairs Min­is­ter M Veer­appa Moily has writ­ten to the min­is­ters of Chem­i­cal and Fer­til­iz­ers M K Ala­giri and Health Ghu­lam Nabi Azad seek­ing ap­pro­pri­ate ac­tion on curb­ing this prac­tice of pharma com­pa­nies. He has for­warded a copy of the study to the two min­is­ters. The MCA study cov­ered medicines man­u­fac­tured/mar­keted by Ran­baxy, Dr Reddy’s Lab, Wyeth, FDC, Alem­bic, Glax­omithk­line, Pfizer, USV, EL­der Pharma, Zy­dus Cadila, Wochardt and Ci­pla. Ac­cord­ing to the ‘suo moto’ study, the mark up (MAPE) on cost of pro­duc­tion range from 203 per cent to 1,123 per cent against 100 per cent al­lowed by the Na­tional Phar­ma­ceu­ti­cal Pric­ing Au­thor­ity (NPPA) in case of sched­uled drugs. It said the profit mar­gins were “ex­or­bi­tantly high” even in cases of top sell­ing brands like Am­lodopine, met­formin, ciprofloxa­cin and Azithromyc­in. Also, cost of pro­duc­tion dif­fers sig­nif­i­cantly be­tween man­u­fac­tur­ers and there was sig­nif­i­cant vari­ance in re­tail price be­tween dif­fer­ent brands of same high sell­ing mol­e­cules. “This prac­tice of fix­ing max­i­mum re­tail price (MRP) to ex­or­bi­tant high (even 1,000 per cent of cost of pro­duc­tion), gives a chance to the whole chain of dis­trib­u­tors/ whole sell­ers and re­tail­ers to dupe the un­aware con­sumers. This is highly detri­men­tal to the in­ter­est of the con­sumers forc­ing them to pay the MRP even 10 times of the cost of medicine they are procur­ing,” it said. As per the find­ings that stud­ied 21 for­mu­la­tions of big drug man­u­fac­tur­ers, the mark up of max­i­mum re­tail price (MRP) over cost of pro­duc­tion (CoP) was the high­est at 1,123 per cent in case of Glax­oSmithk­line for its Tab Zy­loric, fol­lowed by Ran­baxy (858.09 per cent) for Cap re­vi­tal, Zy­dus (752.85 per cent) for Cap Ocid, USV (746.47 per cent) for Gy­clomet.

Dr. M Veer­appa Moily, Union Min­is­ter for Cor­po­rate Af­fairs

D. Sub­barao, RBI Gover­nor

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