Evaluating and Forecasting rate of Counterfeit Banknote Detection

Abstract

Detection of counterfeit banknotes becoming a major issue in today’s scenario, as it is seems to be weighty aspect in terms of socio-economy of every living being. This paper highlights various distinguishing features of currencies of different countries, having an objective to secure their currency less susceptible from forgery. Afterwards, the paper focuses on analysing and comparing the rate of counterfeit detection with the forecasted rate of counterfeit currency detection. The analysis has been performed using, paired sample t-test and elementary time series forecasting in IBM SPSS 21 and RStudio respectively. Data points from 1999-00 to 2017-18 have been collected from Reserve Bank of India Annual reports under currency management section.