APPRAISAL OF CURRENCY COUNTERS USED IN BANKING

Abstract

The need for accurate counting of bank notes by bankers is of utmost importance as most of their daily activities revolve round cash transactions. Also of great importance is the need to detect fake notes, this is where currency counters come in handy. They do not only provide the banker with ease for counting cash but also help in the detection of fake notes. The malfunctioning of this device can be frustrating to the banker who relies heavily on this machine to carry out his or her cash transactions; hence there is a great need for proper evaluation, monitoring, and maintenance on the components of these machines. This study tends to evaluate the technique employed in the counting process of the currency counting machine, the detection of fake notes by the counting machine, the sorting of bills of different denominations. The component parts of most of the counting machines like the ICs, relays, resistors capacitors, LCDs and transformers, the required precautions and maintenances to be carried out on the machine to ensure the optimum utilization.