Features Tuesday, June 02, 2015 - 05:30

After getting done with her lunch, Megha Varier, a young aspiring journalist, called the waiter to pay her bill. Having put the notes in the small black folder, she picked up her purse and started to leave until the waiter stopped her. Surprised, she asked him what the matter was and was shocked to hear that the currency note she paid him was fake.

“We generally don’t check notes when we take them from an ATM. This is so embarrassing for me because I was shouted at for unknowingly giving a fake note. From now on I’m going to be much more careful,” she says.

This is something that can happen to any of us as fake notes continue to remain in circulation. According to a report by Citizen Matters,knowingly possessing fake currency notes is a punishable offense under the IPC section 489C and can lead to imprisonment ranging from seven years to even life imprisonment depending upon the crime. 

What must one do if he/she possesses fake notes?

Rajashekhar, a customer support worker for Canara Bank told Citizen Matters that if one is not sure of the bank that issued the currency, one should file an FIR at the nearest police station for the matter to be investigated.

The Reserve Bank of India shall penalise the bank if it is found guilty.

Banks are responsible for detecting any counterfeit notes before it is sent to be transferred to the ATM. 

The RBI in its Master Circular states, “Dispensation of counterfeit notes through the ATMs would be construed as an attempt to circulate the counterfeit notes by the bank concerned. Detection of counterfeits in chest remittances is also liable to be construed as wilful involvement of the chest branches concerned in circulating Counterfeit Notes and may attract special investigation by police authorities, and other action like suspending the operation of the chest concerned.”

Or walk to a bank and handover the note, once the bank determines it is a fake, a ‘COUNTERFEIT BANKNOTE IMPOUNDED’ stamp will be placed on the note. 

The bank will give an acknowledgement receipt like this:

Banks have also been directed by the RBI to file a police complaint if it receives more than four counterfeit notes in one transaction.

If the counterfeit note is received from an ATM it is advisable to keep the ATM receipt and write down the currency note number.

Pre-2005 series bank notes that are often returned are not considered fake notes as they have the year of print on its reverse side. These notes can be exchanged from the bank at full value till June 30, 2015.

Every currency note has certain characteristics which makes them unique and cannot be copied on to counterfeit notes. The RBI has defined a fake note here and here.

 

 

 

Become a TNM Member for just Rs 999!

You can also support us with a one-time payment.

Rs 200Rs 500Rs 1500Custom