Detection and Impounding of Counterfeit Notes
The Reserve Bank of India’s Master Circular outlines the procedures for detecting and impounding counterfeit notes.
Verification and Preservation
Banknotes received at banks, treasuries, and sub-treasuries should be subjected to verification on a half-yearly basis. The records of such verification should be preserved for a period of three years.
Impounding of Counterfeit Notes
When a counterfeit note is detected, it should be impounded and a receipt issued to the tenderer in the prescribed format (Annex II).
Parameters for Detection
The parameters on which a note is deemed counterfeit are specified in Annex III.
Record Keeping
A record of the detection of counterfeit notes should be maintained, including the date of detection, serial number of the note, denomination, and parameter on which the note is deemed counterfeit.
Preservation of Records
The records of impounded counterfeit notes should be preserved for a period of three years.
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Download: Master Circular – Detection and Impounding of Counterfeit Notes