Detection and Impounding of Counterfeit Notes
The Reserve Bank of India’s Master Circular outlines the procedures for detecting and impounding counterfeit notes.
Authority to Impound Counterfeit Notes: Banks are authorized to impound counterfeit notes.
Detection of Counterfeit Notes: Banks must detect counterfeit notes using prescribed methods.
Impounding of Counterfeit Notes: Impounded notes must be kept separately and a receipt issued to the tenderer.
Reporting to Police and other bodies: Counterfeit notes must be reported to the police and other authorities immediately.
Examination of Banknotes: Banknotes must be examined before issuing over counters, feeding ATMs, and remitting to RBI’s issue offices.
Nodal Bank Officer: A nodal officer must be designated to oversee the detection and impounding process.
Forged Notes Vigilance Cell: A vigilance cell must be established at the bank’s head office to monitor the detection and impounding process.
Devices for Detection: Banks must provide devices to facilitate the detection of counterfeit notes.
Reporting to RBI / NCRB / FIU-IND: Banks must report data to RBI, NCRBRC, and FIU-IND by uploading information on the FINnet Portal.
Preservation of Counterfeit Notes: Counterfeit notes received from police authorities must be preserved.
Chat with the Master Circular:
Download: Master Circular – Detection and Impounding of Counterfeit Notes