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Special Report
Counterfeit Deterrence:
Currency design in India & abroad
ALSO Zebra Saves Time, Money And Lives with Hologram Hologram Warranty Seal for Cuban Cigars Reconnaissance Acquires Cross Conferences Holographic Technologies for solar Generation Industry Updates and more
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Editorial
In this Issue
News Bytes 3-5
Corporate News
Holography is amongst one of the few industries which has tremendous opportunities, but is also subject to rapid advancement and innovation- where there is always something new happening worldwide. Thus, there is a continuous need for up gradation of technology, customer education & security features. As a hologram manufacturer, there is always a challenge to stay a step ahead of counterfeiters. We, the team of Holography Times, have set down certain agenda to ensure remarkable achievement and progress of this industry. It has been our constant endeavour to bring a sharper focus to the requirements of our readers, to talk to all users, model their use of information in the newsletter, and design an appropriate format. We understand that holography is not just restricted to security business. For a wider perspective we will try to cover areas like, Medical Holography, applications of holography, Promotional, printing etc. For this change to translate into success, we would like your feedback on what should be included in our newsletter, as well as issues and questions that should be raised, to make it a real medium of communication. In addition to regular features, we will be sending you feedback questionnaires for your comments. This quarterly issue of Holography times has a very important offering on currency counterfeiting for our readers in the form of a special report titled Counterfeit Deterrence -Currency Design in India & Abroad. A must-read for all members! This topic has been included again in this edition, since the menace of fake currency is serious and real. Seizures of large quantities of bank notes reported in the press suggest that there is a dramatic increase in the scale of counterfeit in India. In this article we study counterfeit money, its threat to society, explore the characteristic of an ideal currency & compare and contrast design features in bank notes issued by monetary authorities of various countries, to deter counterfeiting.This issue also includes latest holography happenings, Technology read on use of innovative holographic technologies for solar energy generation, Industry news & updates among many others. With your support we will be back with more insightful and informative articles! Happy reading!
Company Profile
Counterfeit Deterrence: Currency Design in India & Abroad Holographic Solar A scientific & novel approach in solar energy generation
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The company is looking to expand its target market from military to architecture due to several factors providing an opportunity. In addition to improvements in laser imaging technology; architectural drawings are now initially produced with 3-D, computer-aided design replace conventional model building. A holographic model of a building by Zebra Imaging Inc. can provide a three-dimensional view for much less money and in much less time than physical models. Instead of the weeks it takes to build a physical model, a hologram can be produced in hours. The turnaround production time is fast and the model size, color, quality, and potential for animation are user-controlled parameters-giving the architect more control. The cost of a hologram is comparable to physical models produced of the same sizeA single 2 sq. foot monochromatic image panel typically costs $1,500 to $2,000, while color images cost $3,000 to $4,000, whereas physical models typically cost at least $6,000. They are robust, easy to handle, easy to transport and send. Updates & multiple copies can be easily produced & sent out to stakeholders at a single / multiple locations. Holograms can be archived as physical documentation. Due to these reasons the company expects the technology to be a popular tool among rms. Source: www.zebraimaging.com
ebra Imaging, an Austin rm, has gured out a high speed print process that reproduces any form of 3-D computer data, as an image that can be viewed from any angle, without distortion. Also, it has created a printing method that generates images on at lm that appear to be three dimensional, without using special glasses. The company, founded in 1996, initially developed the technology so the automobile industry could eliminate the step of building clay models. At present, Zebra Imagings largest customer is the U.S. Army, which uses the technology for geospatial maps, since it gives a better idea of heights and distances than conventional maps. Here, holographic technologies for military applications nd its use in data visualization and table top holographic displays of net-centric battle space in the form of maps. However, now, Zebras new printing machine has opened up the hologram market to many more manufacturers and designers that need to see what their computer-drawn products really look like.
B Graphic International, a worldwide supplier of label converting and nishing equipment, has announced a number of new developments for its Digicon Series 2 label converting line. These include modules for booklet insertion, foil hologram registration and twin atbed die embossing/foiling. Omega Digicon series 2 is a modular label converting line for digitally printed webs and offers all the usual production options such as 100% camera inspection, hot foil stamping, embossing, over laminating and sheeting.
The new modules expand the range of label applications possible. The booklet insertion application is tted to the Digicon on rails so that it can be pushed out of the way when not in use. Digital servomotors ensure precise web tension and tracking. The hologram module was recently supplied for security application and is used in combination with an inkjet printing system. This particular converting line is unique in that it has three web movements all on the same machine; semi-rotary, intermittent and full rotary. The twin at bed die embossing module with semi-rotary die cutting is another innovation that also permits foiling. Savings are realized through the use of at bed tooling which is a fraction of the cost of rotary tooling. Source:www.labelsandlabeling.com
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News Bytes
The new Cuban Warranty Seal with the personalized bar code on the left hand side and the hologram on the right
n a move aimed at making it difcult for counterfeiters to package and sell fake Cuban cigars, Habanos S.A., responsible for manufacture and export of Cuban cigars, has modied the look of the familiar green and white Cuban Government Warranty Seal of 1912 which adorns all legitimate boxes of Havana cigars. The Warranty Seal has been one of the most visible methods of determining whether Cuban cigars are real or not. The management of Habanos has introduced this measure, since bogus cigars cut into their prots, not
to mention alienates smokers who quickly become disillusioned with expensive Cuban cigars that taste unremarkable and dont live up to their lofty expectations. From now on, the leading cigar supplier will introduce the new Warranty seal in its packaging to safeguard contents. Two new elements will be added- a hologram on the right hand as a security item and a barcode on the left hand, next to the Cote d Arms, which will personalize every package.
This picture shows the proper placement of the new Cuban Warranty Seal in already sealed boxes
Source: www.cigarcyclopedia.com
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he machine builds on HPs existing ws4500 model and can print at speeds up to 30m per minute in four-colour mode. According to the
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system to identify legitimate product and provides necessary proof of counterfeits. The banderole is not just an identifying tool but also a players, and so on are expected to be in possession of a copyright music license from the Zimbabwe Music Rights Association which is renewable once a year. Section 35 D of the Copyright and Neighboring Rights Act stipulates that no person shall be accredited to purchase the hologram unless he or she proves to the satisfaction of the Copyright Ofce that he or she has been authorized by the owner of the copyright work to produce it. It therefore means the owner of musical works should enter into a written agreement authorizing whoever wants to reproduce the works permission to do so. Introducing the hologram and encryption system in the country could be the beginning of protecting music from being reproduced or downloaded easily from the internet. Kenya will be introducing the hologram this year following the review of their copyright law. Other countries such as Zambia, Ghana, Nigeria and Malawi are already using the hologram to authenticate their music, videos and lms. Source: www.newsnet.co
statistical tool since it is numbered. This move has been welcomed by the Zimbabwe Music Rights Association, an association established to protect the rights of the composers and publishers of music and act on issues concerning copyright. Accordingly, banderole has been adopted and business establishments that use music, either by radio, television, computer, satellite dish, mp3
well as ATMs. About half a dozen sophisticated note sorting machines will sort out currency notes in four varieties in the branch ofce. The rst variety currency notes will be fed into ATMs, the second variety, known as re-issuable notes, will be kept for customer transactions, while the third one, non-issuable, will be sent back to the Reserve Bank of India. Mutilated and bad notes detected by machines will come under the fourth variety and will be subjected to further manual scrutiny. This new arrangements will be aimed at a more efcient and cost-effective centralized currency administration
system instead of having multiple currency chests. SBI chief general manager Shiv Kumar also said, that The CAB would also give a boost to the ght against fake currency in Uttar Pradesh, which is turning out to be a hub for counterfeit currency notes smuggled purportedly across the porous border with Nepal. In August last year, a Reserve Bank of India team had unearthed counterfeit currency amounting to over Rs.5 million from the currency chest of SBIs Domariaganj branch. Source: www.timesondia.com
Corporate News
Holostik creating hallmarks of success
olostik India, one of Indias premier holography companies, has achieved a turnover of Rs.71.60 crores, in the nancial year 2008-09, observing a growth rate of 23% over the vast base of the company, in spite of the recessionary environment seen the world over. This has been the result of an aggressive expansion strategy applied in security Hologram and Holography Products. Continuous and rigorous R&D has been instrumental in the introduction of many new products like window label, high security label and many new features in master origination. Another factor that has been responsible for its success story is the fact that the management of Holostik has focused on HR as an initiative to ensure complete employee satisfaction and security, leading to company growth. Some of the achievements of Holostik in the last nancial year (2008-09) are: Turnover Rs.71.60 crores (22.64% growth over 2007-2008) New Orders 819 (25.42% growth over 2007-2008) In the last nancial year (2008-2009) company has produced 17.55 million square meter of hologram and holography products. The company and its employees have devoted a lot of personal time and energy in ensuring that Holostik has brought a sharper focus to the requirements of customers in every sense. A true recognition of that has been by way of business awards. The CMD Mr. U K Gupta was awarded the prestigious Brian Monaghan Award 2008 for Business Innovation by IHMA. Holostik was awarded several HOMAI Excellency Awards for Holographic Packaging, Security / Authentic R&D, New Application, New or Innovative Technique Origination and Highest Growth. This year Holostik India Limited is focusing on many strategies and factors like productivity, cost reduction, maximum output, new product development for growth of export business etc. to ensure a drastic growth story. Other than this the group also has plans of diversifying into many sectors other than holography. Source: www.holostik.com
econnaissance International - a specialist publisher, conference organizer and consultant for authentication, brand and document protection, holography and currency industries, has purchased the annual Pan-European High Security Printing Conference and the Asian High Security Printing Conference from the Cross Group and BSC International. Established in 2001, these conferences have become recognized as leading events within the government and related high-security documents arena. These are well-attended by a wide spectrum of organizations involved in currency, document & product protection including central banks, banknote printing works, security printers, government departments and major industry suppliers. The conferences cover issues relating to banknote production and cash handling, passports, tax stamps, e-passports, e-ID card production and other areas involved in high security printing. Ian Lancaster, managing director of Reconnaissance International, said the acquisitions will be an excellent t with the companys existing portfolio. Recognising the success of the Cross Conferences we plan to retain this name, so they will continue to be known as Cross Conferences, he said. The Cross Conferences are a joint operation between the Cross Group and BSC International. The next four conferences will be transitional, organised jointly by Cross Group, BSC International and Reconnaissance International. Source: www.reconnaissance-intl.com
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Company Prole
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Cover Story
Counterfeit deterrence:
Currency design in India & abroad
Despite the increasing use of electronic payments, currency retains an important role in the payment system of every country. However, today, the crime of counterfeiting currency continues to present a potential danger to national economies and financial losses to consumers at large. Recent seizures of large quantities of counterfeit bank notes reported in the press, suggest that, there has been a dramatic increase in the scale of currency counterfeiting in India. Thus, to sustain public confidence in a circulating currency, banknotes must contain features that the public can use to readily judge their authenticity and determine the notes denominations. In this article we study counterfeit money & its threat to society, explore the characteristic of an ideal currency & then examine real world considerations that affect currency design. We also compare and contrast design features in bank notes issued by monetary authorities of various countries, to deter counterfeiting, including India.
anking in India started as an activity among the European traders, chiey the East India Company in the early 18th century. The rst bank to employ the concept of paper money was a bank set up in Calcutta by Governor Warren Hastings in c. 1770 AD. However, the idea of issuing paper currency by the Government was promulgated by Sir James Wilson, the Finance Member in the Executive Council of the Viceroy, in 1859. Accordingly, an act was passed in 1861, empowering the Government of India to issue currency notes.
However, world over, with the invention of a banknote, arose another problem-that of counterfeiting. The crime of counterfeiting currency is as old as money itself. Modern counterfeiting began in 1650 A.D, when paper money was rst developed. Initially nations used it as a means of warfare, to overow the enemys economy with fake bank notes, so that the real value of the money decreases. However, in the late twentieth century, with the invention of advanced machinery such as color copiers & other electronic devices, counterfeiting became easier and further ourished. Certain ill-effects that counterfeit money has on society are the reduction in the value of real money. Today, economists question whether fake currency, with its role in the economy of black markets, is a factor behind Indias record ination, due to more money getting circulated- an unauthorized articial increase in the money supply. It further decreases the acceptability and hurts condence of consumers leading to mass panic. Such is the fear of being handed counterfeits that some people have stopped accepting Rs 500 notes. In these days, counterfeiting has also been used to promote and sponsor terrorism. In India, counterfeit currency has long been a source of funding for terrorism. Investigations into at least four cases Hyderabad bombings of August 2007; the attack on the Indian Institute of Science, Bangalore, in December 2005; the Ahmedabad bombings of July 2008; and the 26/11 terror attack on Mumbai revealed a link.
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Dangerously, counterfeiters have managed to nd their way into the ofcial banking system. Even though appropriate measures have been taken to prevent counterfeiting, in the larger reckoning, the problem remains. Face value of counterfeit currencies seized from different parts of India, in the rst 10 months of 2008 was Rs. 5.6 Cr, three times more than in 2007 In 2008, the CBI registered 13 cases having international/ inter-State ramications relating to the recovery/ seizure of fake Indian currency notes. According to a recent Government estimate, counterfeit currency amounting to Rs 169,000 crore is oating around in the Indian nancial system. From real estate transactions to ordinary grocery shopping, these bogus notes are being deployed everyday sometimes innocently, sometimes with a sinister objective. A few months ago, fake currency amounting to nearly Rs 3 crore was found in the chest of the State Bank of Indias Domariaganj branch in Uttar Pradesh. Some fake notes were also found in the currency chest of ICICI bank in Agra. The examples can go on.
Note: Data are exclusive of the counterfeit notes seized by police and other enforcement agencies.
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for participation in the process of short listing of Security features for bank notes It also proposes to withdraw all currency notes printed between 1996 and 2000 and gradually introducing a new series of currency notes. The nance ministry has set up a committee of representatives from the Department of Economic Affairs, Directorate of Enforcement, National Security Council, home ministry The Delhi Police Crime Branch is monitoring the fake currency and the Intelligence Bureau for curbing counterfeiting of network and has stepped up intelligence significantly, currency. RBI organizes training programmes, to detect according to K.K. Paul, joint commissioner of police (crime). fake currency, to bank ofcials, Govt. Department, police, paramilitary forces, etc.
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Switzerland Sinagpore Australia Sweden Canada Japan India USA Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Euro UK Y Y Y Y Y Y Y Y
Background printing offset Braille codes Clear window Color changing number / Color shifting inks Concealed images / denominations Engraved Portrait Fine line patterns Fluorescent ink properties Fluorescent machine -readable barcode Fluorescent / UV light tests Holographic Stripe / Hologram patch / Holographic Window thread / Hologram / Kinegram / Foil-strip Hologram / Hologram & Foil Iridescent images Intaglio Printing / Raised Printing Invisible feature : non-reective under UV light Latent Image Lithographic Print Low vision feature Machine readable feature Microlettering Micropriniting Motion feature Optically variable ink Pearl Ink / Shimmering mother -of-pearl-ink Perforations Security thread See through window See through registration device / See through number / See through number / See through feature / Asymmetrical serial numbers Serial Number Shadow image Tactile marks Transparent register Ultra ne-line printing UV and Metallic digits UV light tests Watermark / Watermark portrait Window color shifting thread
Y Y Y Y
Y Y
Y Y
Y Y Y Y Y Y Y Y
* Features lled with color are amongst most common measures used by various countries.
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Cover Story
porous polymer with a special protective coating that prevents absorption of moisture. Such notes are said to be more counterfeit-proof. Australia has started issuing plastic banknotes which contain clear plastic windows (performing a function similar to watermarks in paper). Other features that are added during manufacture are, e.g. watermarks and ultraviolet (UV) uorescent bres; the security thread. The next layer of security is in the printed design. Inks which are difcult to obtain are commonly used, which can only be printed using high quality printers. The texture of the printed surface is also controlled: the raised writing e.g. on Bank of England notes (Intaglio), which also requires special printing presses. Another graphical security feature is registration, where images printed on the front and back of notes coincide exactly when held up to the light. More exotic (and expensive) security features are also available and introduced by various countries. Optically Variable Ink (OVI), is used, which changes colour depending on the angle of view. Foil patterns of various complexities can be stamped onto a note. More advanced and difcult to counterfeit non-printed features include, advanced optical devices, such as holograms, and the Kinegram. These holograms are essentially a three dimensional drawing or photograph. Security holograms are mass produced, but the replication process requires specialized, let alone expensive, equipment to pull off. This is an advanced security feature utilized by many currencies such as the British Pound, the Euro, Canadian Dollars, Japanese Yen, the South Korean Won etc. Also, there is much research into new kinds of machine-readable features- that may prove very difcult to counterfeit. For example, biological tagging using minute quantities of genetic material (DNA or RNA), and phase masks which are high security laser-readable devices. In this analysis, we focus on currency design features that enhance counterfeit deterrence. All currencies issued worldwide contain some of these design features but, interestingly, different countries have made different choices.
Recommendations
Though the RBI and banks underplay the magnitude of the counterfeit problem in India, the last one year has seen a dramatic increase in seizures of fake currency in every single state-not surprisingly; the Border States witness more of these cases. What seems to be the main cause of concern is the changing pattern of counterfeiting, the global scale of operations and the fact that India has a vast parallel cash economy. Also, increased sophistication of fake currency highlights the fact that security measures employed by RBI need to be up scaled. If India has to combat the crisis, it has to rst tackle the area of bank note printing. Considering the nemesis that counterfeiting has on the economy, the governments of various nations have taken a number of steps to combat it. However, the monetary organizations the world-over, conclude that only continuous design innovation can sustain a low frequency of counterfeit notes in circulation which holds true also for Indian bank note designers. All banknotes contain security features to deter counterfeiting. Some usual features include paper or polymer substrate and intaglio printing, which assist the public in authenticating notes by touch; and are most often detected by the public and bank tellers because they dont feel right. There has been some talk of Indian moving to polymer notes like Australia. Other note features, include micro printing, magnetic inks, color-varying uorescent threads, infrared components, and holograms which are valuable authentication across wide range of devices, from handheld devices and ATM machines to high-speed currency sorters, as they appear as black/grey or brown patches on the surface of the counterfeits. Even though RBI uses most of these security features (as shown in table), it further needs to introduce certain advanced, difcult to counterfeit and easily recognizable features such as advanced optical devices like holograms and kinegrams. This is because the public generally does not inspect more than one distinguishing/visible security feature and remembering one single ergonomic verier in a banknote seems reasonable. To reduce counterfeits, Indian manufacturers have been consistently trying to convince the government to start using holograms on currency notes, something that currently more than 100 countries are doing. Also, changes in currency design prove to be an important tool to deter counterfeiting. European newspaper articles suggest that counterfeiting rates for the euro are signicantly lower than for the individual country bank notes that it replaced. News reports from Canada also illustrate the necessity for updating currency designs. In 2004-05, Bank of Canada introduced new security features like holographic strip, watermark portraits, color shifting threads, a see through number and enhanced uorescence to upgrade his currency. The new added feature sharply reduced the counterfeiting rate to 2.2 notes from 4.7 per 10,000 during rst eight months. Thus, combinations of features that score high on anti-counterfeiting should be incorporated into test banknotes. These could then be subjected to adversarial analysis to determine their deterrent effectiveness and used to gauge public acceptability through mechanisms such as focus groups.
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Technology
Holographic solar
A scientific & novel approach in solar energy generation
orldwide solar-energy output has grown dramatically in recent years. The total output from solar installations worldwide, however, remains around 7 GW, only a fraction of the worlds energy requirement. High material and manufacturing costs, low solar-module efciency, and worldwide shortage of rened silicon all have limited the scale of solarpower development required to effectively compete against coal and liquid fossil fuels. Solar photovoltaic cells have been developed but using them has limitations. The main limitation of solar power right now is cost, because the crystalline silicon used to make most solar photovoltaic (PV) cells is very expensive. Thus a number of alternate approaches are being explored to improve the cost per kilowatt of solar power.
Conclusion
Currency is widely used in the payment systems of all countries. In each system, there are a large number of participants households, retail merchants, nancial institutions, high-volume currency processors, and the central bank or currency-issuing authority. We may believe that the above means make take India to a country of zero counterfeit currency and accelerate the growth of our economy, however, the way, we in India, can tackle this problem is to exercise vigilance, on the part of every citizen, If men were angels, no government would be necessary. This battle against counterfeiting, is not only for the strong alone; but for the vigilant, and the active. Sources: www.bankofengland.co.uk, www.bankofcanada.ca www.wikipedia.org/wiki/Counterfeit www.cbc.ca, www.banknotes.com
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Technology
SUNLIGHT Simplified Cross-Section Schematic Cell Spacing Glass Hologram Glass
in watts/gm of silicon, an important consideration in light of worldwide shortage of rened silicon. A second important benet of the holographic concentrator is the passive tracking characteristic which requires no moving parts. This means that it collects indirect & diffuse light throughout the day and through clear and cloudy condition. Different holograms in a concentrator module can be designed to focus light from different angles -- so there is no need of moving parts to track the sun. This gives greater output in the early morning and late afternoon. The third advantage is that it requires no external cooling. The performance of PV cells in conventional modules tends to drop signicantly as temperature increases, since infrared radiation would be converted to heat rather than output energy. In an HPC-based module, the radiation passes through the lm and is not absorbed. The concentrators ability to pass unusable wavelengths means that the solar cells remain close to their ideal operating temperature without mechanical cooling.
Editorial Board C S Jeena Neha Gupta The efciency of Holographic planar concentrator remains high for lower-light conditions and performs better as temperature increases, The Holography Times is published by because of the ability to pass infrared wavelengths and also because heat HOLOGRAM MANUFACTURERS ASSOCIATION OF INDIA (HoMAI) can be dumped into a larger volume of material than in a fully populated module.
One last advantage of the holographic module is that, because of its inherent passive tracking characteristics, it can be mounted in a variety of locations and orientations, including commercial white roofs, at and inclined roofs, windows, vertical walls, etc. Passive tracking increases the irradiance to the solar cells even when they are mounted in a less than optimal orientation. With these features, it is believed that holographic technologies might be next promising frontier for increasing energy efciency from solar photovoltaic modules.
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Disclaimer: The data used here are from various published and electronically available primary and secondary sources. Despite due diligence the source data may contain occasional errors. In such instances, HoMAI would not be responsible for such errors.
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