Indian Currency Denomination Recognition and Fake Currency Identification

Abstract

Visually impaired and senior citizens find it difficult to identify different banknotes, driving the need for an automated system to recognize currency notes. This study proposes recognizing Indian currency notes of various denominations using Deep Learning through the CNN model. While not recognizing currency notes is one issue, identifying fake notes is another major issue. Currency counterfeiting is the illegal imitation of currency to deceive its recipient. The current existing methodologies for identifying a phony note rely on hardware. A method completely devoid of hardware that relies on specific security features to help distinguish a legitimate currency note from an illegitimate one is much needed. These features are extracted using the boundary box region of interest (ROI) and Canny Edge detection in OpenCV implemented in Python, and the multi scale template matching algorithm is applied to match the security features and differentiate fake notes from legitimate notes.