Fake currency alert!

In these times of depositing currency notes with banks, chances are you may have a few fake notes on you. Given the complications that exist when a fake note is discovered from the bunch that you are depositing, you and the bank staff may actually think of destroying the note than get into record keeping. But, do not be surprised by the process that the bank will adopt if fake notes are identified from the set you are depositing. There are clear RBI guidelines for the bank staff to handle fake notes; it will be in your interest to know what these are.

1. Banks are required to detect fake notes through note counting cum fake machines.

2. Counter staff has to impound note and counterfeit it by issuing a number receipt as destroying or returning it back would be illegal.

3. No compensation will be given for the impounded note so please ensure that the fake note becomes part of official investigation machinery by countersigning the receipt and keeping a copy of it.

4. In case the note is destroyed by the counter staff lodge a written complaint with the bank branch as well as copy to Consumer Education and Protection Cell of RBI - Shri Rajesh V Surti Human Resource Management Department, Reserve Bank of India, Mumbai Regional Office, P B No. 901, Shahid Bhagat Singh Marg, Mumbai - 400001, Email address : rsurti@rbi.org.in, Phone +91-22-22603179.

5. An FIR will be filed where 5 or more fake notes are involved in a single transaction and in case the number of fake notes per transaction is less than 5 then no immediate FIR will be filed but a monthly consolidated report will be sent to the police authorities.

olmdesk@outlookindia.com