More than 80 percent of the automated teller machines (ATM) in Shanghai will be able to record the serial numbers on banknotes being withdrawn from the system by the end of this year, Shanghai Securities News reported Thursday, citing a person with knowledge of the matter. The move follows the central bank’s efforts to combat counterfeit banknotes after individuals caught circulating fake notes claim that they withdrew the cash from banks. All banks are required by the regulator to upgrade their devices and optimize services to allow them to track the banknotes. The upgrading exercise will cost no less than 8 billion yuan (US$1.31 billion) and will be financed solely by the banks, the report said.
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