If you still get a fake note from an ATM, there's unfortunately not much that can be done. With a view to facilitating the detection of counterfeit notes, all bank branches have to be equipped with ultra-violet light devices and other appropriate currency sorting or detection machines.įake currency at ATMs: RBI has instructed banks that it is imperative to put in place adequate safeguards and checks before loading ATMs with notes, as any dispensation of counterfeit currency through ATMs would be construed as an attempt to circulate such notes by the bank.
If the tenderer has more than five fake notes, the bank has to file a FIR for an investigation. Such counterfeits notes, after being impounded, are then sent to the police. The bank will also have to stamp "counterfeit note" on the currency and once impounded, it has to be recorded in their registers. The RBI rules say that the receipt is to be issued even in cases where the tenderer is unwilling to countersign it. The person tendering has the right to demand a receipt but at the same time can refuse to sign it. And that is not all, the bank will be penalised as well.Īfter impounding, the bank has to issue an acknowledgement of the transaction in a prescribed format which has to be authenticated by the cashier and tenderer (see below). What is more, the note will not be returned to the tenderer.Īs per RBI rules, if as a customer insists that the fake note be returned to them, it will be taken as a failure on the part of the bank to impound the note detected at their end and will be construed as wilful involvement by the bank. So do you still think there is no chance of you having a fake note? Read on to find out what the RBI rules state regarding counterfeit currency and how you can identify such notes.Īt a bank counter: While depositing cash, if the bank is able to establish that the notes are fake, these will not be credited to the customer's account. This was 20.4 percent higher than what was detected in the previous year. The Reserve Bank of India ( RBI) in its latest annual report said that during 2016-17, 762,072 pieces of counterfeit notes were detected in the banking system, of which 95.7 percent were found by commercial banks. The government in July 2017 had informed the parliament that fake currency having a face-value of over Rs 11.23 crore was detected in 29 states post demonetisation.
#Sketchpen for fake notes generator#
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