Automatic Detection of Indian Currency Denominations using Deep Learning

Abstract

Identification of the denomination of the currency note to pay physically without UPI is the first step of paying to the seller by the consumer. In this project, we have proposed an approach to detect denominations of Indian currency using Convolutional Neural Networks. Computer Vision and object detection is an area of great interest for research in today’s world. It has several applications like detection of defects in machinery, intruder detection, computer vision for code and character recognition among many others. Through the work we have done, we explored something that could be of great help to people in day-to-day life. In this project we have tried to investigate the approaches to detect currency denominations using Convolutional Neural Networks. The objective is to build a model that would be able to detect Indian currency denominations efficiently. Typically the model will be useful for people with vision impairment. The experimental results show that the use of Convolutional Neural Networks is a good way and the model can further be improved if it is trained in such a way that it could also identify the regions of interest.