Some content of this application is unavailable at the moment.
If this situation persist, please contact us atFeedback&Contact
1. (WO2019043590) DIGITALIZED HIGH VALUE PAPER CURRENCY
Note: Text based on automatic Optical Character Recognition processes. Please use the PDF version for legal matters

I Claim:

1. Here a method of preventing counterfeiting the currency, value protection of Currency, tracking, monitoring of currency transactions, blocking of illegal transactions, easiness in currency handling, easiness in transportation and faster currency scanning for registration and improved security is described, wherein the Reserve bank or Central bank of each nation can print the Digitalized High Value Paper Currency(DHVPC) Notes, eg, 1 Lakh, 5 Lakhs, 10 Lakhs etc. same like other currencies, but with additional feature like registration of currency and recording of every transaction using Alpha-Numeric code, Bar code and QR code so that no fake currency can circulate in the system, it is a foolproof method against counterfeiting .

2. The method as claimed in claim 1, wherein the Reserve bank or Central bank of each nation needs to open a new Online Portal with high security software, eg, www, dhvpc. rbi. gov, in. in India, for this DHVPC registration, distribution/ circulation and monitoring.

3. The method as claimed in claim 2, wherein in which the Reserve bank or Central bank of each nation acts as the System Administrator and all other Registered Commercial and Scheduled Banks(CSBs) and its branches act as "Registered Banks" and Account Holders as "Individual" or "Corporate", with designated User ID and password, issued through Commercial and Scheduled Banks, inter banking transactions between 2 or more CSBs and transactions between 2 account holders of different banks /same bank are possible.

4. The method as claimed in Claim 2, wherein the Registration of DHVPC utilizing alpha numeric code, Bar code, QR code is possible only through Reserve bank or Central bank of each nation, which will be helping in preventing counterfeiting .

5. The method as claimed in Claim 4, wherein the Counterfeiting of DHVPC is not at all possible, since the first entry of the currency can be done only by the Reserve bank or Central bank in each nation, after this the high value currency can be used for transaction, but every time, the data will be updated automatically in the Online Portal and no parallel entry of data of fake currency is possible at any point from anywhere in the system.

6. The method as claimed in Claim 4, wherein each and every time, the Digitalized High Value Paper Currency has a registered Account holder, unlike other currency, either a party or

organization or bank which helps in tracking the transaction.

7. The method as claimed in Claim 2, wherein the Reserve bank or Central bank of each nation can distribute the DHVPC to the Registered CSBs through the Online Portal, after registration of DHVPCs and physically transfer the currency to the CSBs .

8. The method as claimed in Claim 4, wherein during the time of registration of CSBs, the Reserve Bank or Central Bank of each nation will issue the software module to CSBs which will be helping in linking of each CSB with Online Portal and the registration process of CSB will be complete only after linking the software module.

9. The method as claimed in Claim 8, wherein after the linking of the software module, the CSBs can do registration of Account Holders, during which an additional Ledger Window(DHVPC Window) will be generated in addition to the main account of account holder, where all DHVPC transactions are recorded and a similar window will be generated automatically in the Online Portal of Reserve Bank or Central Bank of each nation for the account holder so that automatic updating of transactions of DHVPC(purchase, surrender, and transfer) takes place.

10. The method as claimed in claim 9, wherein the DHVPC Holder can do DHVPC transactions (purchase, surrender, transfer) to another registered DHVPC account holder of the same bank /different bank after accessing Online Portal through CSB, ATM/ CDM or Net banking and at the same time data will be updated automatically on the Online Portal of Reserve Bank or Central Bank of each nation.

11. The method as claimed in claim 10, wherein the registered users can purchase the DHVPC from the ATMs having facility for the issue of DHVPC by incorporating soft ware and special trays and the account holder can also surrender DHVPC to CDMs having DHVPC accepting facility by incorporating software and special trays.

12. The method as claimed in claim 10, wherein the Account Holders can purchase the DHVPC from home Bank/ATM during which the value will be debited from the main account and credited to the concerned DHVPC Account.

13. The method as claimed in claim 10, wherein the account holder can also surrender DHVPC to CSBs/ CDMs having DHVPC accepting facility during which the value will be debited from the DHVPC account and credited to the main Account.

14. The method as claimed in claim 10, wherein the Account Holders can physically transfer the DHVPC to any other Account Holder through Banks , ATM/CDM or Netbanking, during which the value will be debited from the DHVPC Account of 1 st Party and will be credited to the DHVPC Account of 2nd Party.

15. The method as claimed in claim 9, wherein the value of DHVPC will be protected at each and every time unlike the conventional currency transaction

16. The method as claimed in claim 15, wherein in the case of currency being stolen, lost or damaged by fire or any other unforeseen situation, the currency holder will not be losing its value and it will be there with a reasonable penalty or administrative expenses, eg.1% of its printed value and the value can be credited to their main Account after debiting the penalty or get a new DHVPC.

17. The method as claimed in claim 15, wherein in the case of currency being stolen, lost or damaged by fire or any other unforeseen situation, a third party can't use the stolen or lost currency, but if one gets such a currency, he can hand over the same to the nearest branch of any bank and the branch can give a reward to him.

18. The method as claimed in claim 1, wherein the Digitalized High Value Paper Currency can be considered as master currency for high value transactions and transportation, since it is very easy to carry from one place to another or bank to bank and therefore, through this method, unnecessary transportation of currency in heavy loads to long distances can be avoided and also helps in better handling of Currency.

19. The method as claimed in claim 1, wherein through this, the currency handling job/works of Reserve Bank/Central bank of each nation ,CSB banking officials and DHVPC Account holders can be reduced drastically, since one high value currency itself is equal to a bundle of low value currency.

20. The method as claimed in claim 9, wherein through this method, the Reserve bank or Central bank of each nation can review/ foresee/monitor the currency flow, currency

density/concentration in their country at any point of time from anywhere Zonal- wise, State wise, Regional-wise, District wise etc and the Reserve Bank or the Central Bank of each Nation can monitor the DHVPC transactions CSB wise or ATM/CDM wise or Net banking wise or DHVPC wise or Account holder wise.

21. The method as claimed in claim 9, wherein the Registered Commercial and Scheduled Banks can monitor its currency Holders at any point of time from anywhere.

22. The method as claimed in claim 9, wherein a DHVPC Account holder can monitor/view his/her currency details through Net banking.

23. The method as claimed in claim 20, wherein the transactions of each and every DHVPC can be tracked, because every transaction leaving a digital evidence of the same, through which tracking is possible and the Reserve bank or Central bank of each nation can block any number of persons or organizations from this transaction, this will help to unearth various unauthorized and illegal activities using currency.

24. The method as claimed in claim 1, wherein the additional features of Bar Code and QR Code will help to enhance the security feature of the DHVPC and these additional features along with already existing feature of alpha numeric code helps in faster scanning for registration of DHVPC.

25. The method as claimed in claim 1, wherein the governments of different nations can slowly wipe out black money by making more people DHVPC account holders by introducing interest ( in nations where there is no system of providing interest ) /increasing interest ( in nations where there is system of providing interest) for DHVPC account compared to conventional low value currency account and the DHVPC account holders can get more interest / interest depending on the country compared to their conventional low value currency account.

26. The methods as claimed in claims described above, wherein using the same process/methods, the Low Value Paper Currencies can also be digitalized, like 500, 1000, 2000 etc... , so, its fake currencies/counterfeits can be controlled.