Fake currency is certainly one of the biggest problems that Indian economy has been suffering for decades. Despite implementation of some firm rules and serious steps to tackle the issue by the Indian Government and the Reserve Bank of India, the problem continues to persist. As I know, the RBI has the exclusive right to issue bank notes in India. RBI, like other central banks the world over, changes the design of banknotes from time to time to prevent faking of notes. Since 1996, the central bank has introduced banknotes in the Mahatma Gandhi Series, issuing notes in the denominations of Rs5 to Rs.1000 in this series. These notes contain distinct easily recognizable security features to facilitate the detection of genuine notes vis-à-vis forgeries.
Most people pay attention only when a currency note is Rs 500 or Rs 1000 in denomination. What about coins? –- Nobody cares.As I know, the distribution of coins in India is undertaken by RBI as an agent of the union government, (coins are minted by the government and not by central bank).
Thus, when I got a coin of denomination Rs. 5, I was surprised because of the wording engraved on – “SHRI MATA VAISHNO DEVI SHRINE BOARD.” The accompanying images with red marks show the two sides of the same (apparently) fake Rs. 5 coin.
I may be wrong, but I think it is fake coin. Please help be determine if it is a genuine coin issues by government/RBI or a fake coin. It is commonly circulating at least in Punjab state.