Rs 2,000 note withdrawn from circulation: If bank finds your note to be fake this is what will happen

Rate this post

The Reserve Bank of India (RBI) has decided to withdraw notes of Rs 2000 denomination from circulation. Alongside, it has instructed all banks to follow “meticulously” the central bank’s master direction on dealing with counterfeit notes in case any of the Rs 2000 notes submitted to the banks are found to be fake.The RBI’s letter to banks on how to implement the Rs 2,000 note withdrawal states: “All banknotes in this denomination received by the banks shall be sorted immediately through Note Sorting Machines (NSMs) for accuracy and genuineness….”

“The instructions contained in our Master Direction dated April 03, 2023, on detection, reporting, and monitoring of counterfeit notes shall be meticulously followed,” it has added.

Also Read: Rs 2,000 notes withdrawn: What should you do with your Rs 2,000 notes? RBI answers all your queries

As per the RBI master directions:
(i) “Banknotes tendered over the counter shall be examined for authenticity through machines.”

(ii) If any note is found by the bank to be counterfeit no credit of the same is to be given to the customer.

(iii) Notes determined as counterfeit shall be stamped as “COUNTERFEIT NOTE” and impounded in the prescribed format. Each such impounded note shall be recorded under authentication, in a separate register.

(iv)”In no case, the Counterfeit Notes shall be returned to the tenderer or destroyed by the bank branches. Failure of the banks to impound Counterfeit Notes detected at their end will be construed as wilful involvement of the bank concerned in circulating Counterfeit Notes and penalty will be imposed.”

(v) When a banknote tendered is found to be counterfeit, an acknowledgement receipt in the prescribed format must be issued to the tenderer by the bank branch.

(vi) The master direction also outlines how the detection of counterfeit notes is to be reported to the police. It states: (a) For cases of detection of Counterfeit Notes up to four (04) pieces in a single transaction, a consolidated report in the prescribed format is to be sent by the Nodal Bank Officer to the police along with the suspect Counterfeit Notes, at the end of the month.

(b)For cases of detection of Counterfeit Notes of five (05) or more pieces in a single transaction, the Counterfeit Notes shall be forwarded immediately by the Nodal Bank Officer to the local police authorities or the Nodal Police Station for investigation by filing FIR in the prescribed format.

(c)A copy of the monthly consolidated report/FIR shall be sent to the Forged Note Vigilance Cell constituted at the Head Office of the bank.

(d) Acknowledgement of the police authorities concerned has to be obtained for note/s forwarded to them (both for consolidated monthly statement and for filing of FIR).

(e) In order to facilitate the identification of people abetting the circulation of Counterfeit Notes, banks are advised to cover the banking hall/area and counters under CCTV surveillance and preserve the recording as per their internal policy.

Leave a Comment

Ads Blocker Image Powered by Code Help Pro

Ads Blocker Detected!!!

Please consider supporting us by disabling your ad blocker on our website