Indian Currency Recognizer and Counter System
Vipin Venugopal1, Deborah Thomas2, Arya Prasad3
1Vipin Venugopal, UG Student, Department of Electronics Engineering, Govt. Model Engineering College, (Kerala), India.
2Deborah Thomas, UG Student, Department of Electronics Engineering, Govt. Model Engineering College, (Kerala), India.
3Arya Prasad, UG Student, Department of Electronics Engineering, Govt. Model Engineering College, (Kerala), India.
Manuscript received on 17 October 2014 | Revised Manuscript received on 24 October 2014 | Manuscript Published on 30 October 2014 | PP: 34-37 | Volume-4 Issue-5, October 2014 | Retrieval Number: E1830104514/14©BEIESP
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: The invention of ATM machine marked a revolutionary change in the Banking sector. It made the money withdrawal an easier and flexible task. This changed the acronym of ATM from Automated Teller Machine to Any Time Money. This popularity was gained only with a single feature WITHDRAW. It is difficult to deposit the money to a Bank account through the traditional method of going to the bank, writing the slip, standing in the queue and depositing the money. So, what if DEPOSIT is also made possible in an ATM? As per the Reserve Bank of India (RBI) data, cash in the system (currency with people) stands at Rs. 11,64,450crore as on September 6, 2013. Approximately 10 per cent of the economy is cash with people. So, if a part of that cash comes back into the system, that itself puts more resources with the banks and the country would benefit. Today, bank branches close at 4 or 5 p.m. whereas most of India’s retail trade happens in the evening. So, banks need to have the ability to set up cash deposit machines. We propose a system that can not only accept bank notes, but also detect the presence of counterfeit notes, separate notes based on genuineness and denomination, and give the total amount deposited; and hence provide a highly useful extension to existing ATMs and a secure way of cash deposits.
Keywords: Image Processing, Embedded System, Mechatronic, Counterfeit Detection, Indian Currency, Currency Recognition, Correlation, Microcontroller.
Scope of the Article: Expert Systems