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 using ultra-violet lamps and other infrastructure.
Impounding of Counterfeit Notes: Counterfeit notes shall be impounded and a receipt issued to the tenderer.
Reporting to Police and other bodies: Banks shall report detected counterfeit notes to the police and other bodies immediately.
Examination of Banknotes: Banks shall examine banknotes before issuing them over counters, feeding ATMs, and remitting to RBI issue offices.
Nodal Bank Officer: Banks 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.
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) by uploading the information on the FINnet Portal.
Preservation of Counterfeit Notes: Impounded counterfeit notes shall be preserved for further investigation and prosecution.
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Download: Master Circular – Detection and Impounding of Counterfeit Notes