Counterfeit currency has always been a threat to the economy of the country. Despite the addition of several security features to prevent this, people have always found ways to duplicate currency. It is also difficult in most cases for a common man to identify a fake note and thus, one falls prey to such tricks of counterfeit currency. Hence, it becomes important to adopt newer and better methods to counter the same for all the denominations of currency in circulation, the most vulnerable being the ones with higher denomination. While there exist a number of ways to check for the correctness of the older variants of Indian currency, the newer lot that has been released however has incorporated in themselves, a number of changes and newer features. This paper aims to bring out some of the vital parameters to be extracted to distinguish between real and fake notes in the new set of Indian currency of denominations 2000, 500, 200, 50 and 10 brought out by the Reserve Bank of India (RBI), using various image processing techniques.