One of the major setbacks to the economy of a country is the production of fake currency. In recent past due to advancements in technologies in color printing, duplicating newer ways of faking the currency are coming into the picture. The problem has even risen in larger scale after demonetization in India and many fake currencies have entered the market. According to recent data, the Reserve Bank of India has estimated nearly around 2 trillion worth currency as counterfeit currency. This increase in fake currency has been a major problem, especially for a common person, and now that even the banks and ATM’s are disbursing fake currency. Almost everyone from a vegetable seller to a businessman is wary of accepting currencies in denominations of 500 and 2000 because they look almost exactly like a real note. The only solution to this problem is fake currency detector machines which are widely used and are mostly available in banks but which is not reachable every time by the average citizen. By building this system we hope to build an easy and efficient way to identify fake currencies which can be of great help to the common citizen. The application would be easily accessible to common people. Not only identifying if a note is fake or not, but our system is also even capable of recognizing the currency scanned. We have performed currency recognition and verification using Transfer Learning on AlexNet. The idea proposed by our system is to capture the image of currency notes of domination’s 100, 200, 500, 2000 through mobile and after processing tell if the currency is fake or not and check its denomination value. Verifying the currency has many applications in banks as they have to deal with counterfeit currency every day. Our system would be extremely useful for a person with a mobile phone to check the authenticity of his currency note. Recognizing the currency note can be a useful feature for the visually impaired as there would also be a voice announcement on recognizing and verification of a currency note. © 2020