Detection and Impounding of Counterfeit Notes
The Reserve Bank of India (RBI) has issued a master circular outlining the procedures for detecting and impounding counterfeit notes.
Authority to Impound Counterfeit Notes: The RBI has authorized its offices and banks to impound counterfeit notes.
Detection of Counterfeit Notes: Banks are required to detect counterfeit notes during the verification process.
Impounding of Counterfeit Notes: Counterfeit notes shall be impounded and a receipt issued to the tenderer.
Reporting to Police and other bodies: Cases of counterfeit notes shall be reported to the police and other relevant authorities.
Examination of Banknotes: Banknotes shall be examined before being issued over counters, fed into ATMs, and remitted to issue offices of the RBI.
Nodal Bank Officer: Each bank shall designate a nodal officer to oversee the detection and impounding of counterfeit notes.
Forged Notes Vigilance Cell: Banks shall establish a Forged Notes Vigilance Cell at their head office to monitor and report cases of counterfeit notes.
Infrastructure: Banks shall provide ultra-violet lamps and other necessary infrastructure to detect counterfeit notes.
Reporting of Data: Banks shall report data on counterfeit notes to the RBI, National Crime Records Bureau (NCRB), and Financial Intelligence Unit-India (FIU-IND) through the FINnet Portal.
Preservation of Counterfeit Notes: Counterfeit notes shall be preserved for a period of three years from the date of detection.
Chat with the Master Circular:
Download: Master Circular – Detection and Impounding of Counterfeit Notes