Master Direction on Counterfeit Notes, 2023
The Reserve Bank of India has issued a master direction on counterfeit notes, outlining the procedures for detection, reporting, and monitoring.
Key Provisions:
The direction covers various aspects, including:
– Authority to impound counterfeit notes
– Detection and impounding of counterfeit notes
– Issue of receipt to tenderer
– Reporting to police and other bodies immediately
– Examination of banknotes before issuing over counters, feeding ATMs, and remitting to issue offices of the Reserve Bank of India
Bank Responsibilities:
Banks are required to:
– Designate a nodal bank officer
– Establish a forged notes vigilance cell at their head office
– Provide devices facilitating detection of counterfeit notes
– Report data to RBI, NCRB, and FIU-IND by uploading information on the FINnet Portal
Preservation of Counterfeit Notes:
Counterfeit notes received from police authorities must be preserved.
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Download: Master Direction on Counterfeit Notes, 2023 – Detection, Reporting and Monitoring